Governor Signs Legislation To Provide More Money For Energy Upgrades
Wednesday, August 3, 2011
California Governor Jerry Brown has signed a bill into law that’s intended to provide more money for energy upgrades.
California Governor Jerry Brown has signed a bill into law intended to provide more money for energy upgrades. The legislation creates a new program allowing homeowners and small businesses to borrow money to retrofit buildings. The state will guarantee the loans.
Democratic Assemblywoman Nancy Skinner, who wrote the bill, said that Californians can use the money for a variety of upgrades.
"The loans will be used by homeowners or small businesses to put in insulation, maybe replace an H-VAC system or install new solar."
Skinner also said the state will put aside up to $50 million to guarantee the loans in order to give banks the confidence to lend money. Unless there are defaults, the state won't lose any of the $50 million.
The program will be administered by the State Treasurer's office.