House committee approves Rep. Morris’ Energy Trust Fund

Policy would grant statewide pre-financing of renewable energy

February 12, 2009

OLYMPIA – State Rep. Jeff Morris’ legislation creating an energy trust fund paving the way for greater alternative energy investments cleared another hurdle on its way to becoming law this session, garnering the approval of the House Technology, Energy, and Communications committee (TEC) today.
Throughout the ‘09 legislative session Morris has drafted and re-drafted his policy as he gathers input from utilities and energy experts. The version as passed by the TEC committee:

• Allows property owners to apply to the Housing Finance Commission for energy
efficiency or renewable energy improvements.
• Directs the Housing Finance Commission to periodically issue Sustainable Energy Trust bonds to pay for energy efficiency and renewable energy improvements.
• Allows property owners up to 10 years to pay back the cost of an energy efficiency
improvement and 25 years to pay back the cost of a renewable energy improvement.
• Establishes a process for reimbursing renewable energy and energy efficiency installers for the improvements they have made.
• Establishes an application certification process for property owners who wish to install an energy efficiency or renewable energy improvement.

Mount Vernon resident and energy policy expert himself, Morris, has seen similar programs elsewhere at the local level and believes a statewide program will create financing efficiencies that will pay off dividends in the long run. “This proposal removes one of the largest barriers to individuals or business that want to generate their own renewable energy or conserve the energy they use. Not being able to get reasonable financing to put project on the ground”