FOR IMMEDIATE RELEASE
April 6, 2018
House Approves On-Bill Financing for Energy Upgrades
House Bill 374 Permits Utilities to Offer Financing to Customers
Juneau – Today, the Alaska House of Representatives passed legislation allowing utilities to create financing programs to help customers finance energy efficiency improvements. House Bill 374 paves the way for low-interest loans that take advantage of the existing relationship between utilities and customers by adding loan payments to existing utility bills.
Under an ‘on-bill financing’ program, customers of participating utilities could borrow money to install solar panels or upgrade to a more energy efficient appliance, and then pay off that low-interest loan thru an additional line item on their utility bills. HB 374 could also greatly benefit the Interior Energy Project by assisting in the conversion from oil to natural gas heating.
“This bill provides an optional tool for utility customers to help them lower energy costs and improve air quality in Alaska,” said Representative Adam Wool (D-Fairbanks). “The world is changing – the cost of renewable energy continues to drop as the movement away from fossil fuels gains global momentum. Importantly, this bill will also increase the viability of the Interior Energy Project by facilitating conversion from fuel oil to cheaper and cleaner burning natural gas.”
House Bill 374 passed the Alaska House of Representatives today by a vote of 36-2. After a reconsideration vote no later than Monday, the bill will be sent to the Alaska State Senate for consideration.
For more information, please contact Alaska House Majority Coalition Press Secretary Mike Mason at (907) 444-0889.