124th MAINE LEGISLATURE
		LD 1717		LR 2459(02)
	An Act To Increase the Affordability of Clean Energy for Homeowners and Businesses
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Utilities and Energy
	Fiscal Note Required: Yes
Fiscal Note
Potential current biennium cost increase - Other Special Revenue Funds
Fiscal Detail and Notes
	This bill establishes a property assessed clean energy ("PACE") program to be administered by the Efficiency Maine Trust (EMT) for municipalities that adopt an enabling ordinance and choose to participate in the program.  Under PACE agreements with municipalities individual property owners can borrow to finance energy-saving improvements on qualifying property.  PACE agreements are to be administered by the EMT, which is not to be a party to those agreements.  All PACE agreements must comply with underwriting requirements establishedby the EMT.  The EMT will collect PACE assessments if the municipality is not so engaged.  The EMT will also prepare model ordinances, perform a quality assurance function in consultation with various industry stakeholders, prepare educational materials, make rules, establish and operate a Reserve Fund to protect against default on "PACE mortgages" and report annually on administration of the PACE program.
	Many of the above activities are made subject to the availability of funds, specifically funding from a pending federal grant or similar future grants and the EMT retains the discretion under this bill to use its administrative or program funds to cover the costs thereof.  Owing to the substantial resources available to the EMT to commence its operations, no General Fund impact is anticipated at this time.
	Any additional costs to the  Bureau of Consumer Credit Protection in the Department of Professional and Financial Regulation are expected to be minor and can be absorbed utilizing existing budgeted resources.