Rep. Morris’ Sustainable Energy Trust Fund signed into state law

April 13, 2009

OLYMPIA – Want to generate your own electricity but don’t know where to get the money to pay for it? Thanks to a new law sponsored by House Speaker Pro Tem Jeff Morris’ (D – Mount Vernon) legislation, HB 1007, new funding opportunities for small-scale green-energy projects became Washington’s newest policy today as Governor Gregoire signed them into law. 

Morris developed HB 1007 - landmark legislation encouraging growth in small energy projects designed for residences or small businesses – after witnessing similar successful programs implemented on smaller scales around the country. Morris believes a statewide program will create financing opportunities that will pay off dividends in the long run.

“This fund will become one more tool to help small businesses or homeowners finance their own alternative sources of energy, conserving energy ad even offering some back to the grid,” said Morris.  

The Sustainable Energy Trust Fund:      

·        Allows property owners to apply to the Housing Finance Commission for pre-financing 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.

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Contact: Jeff Morris 360-786-7970

Downloadable photo:

http://www1.leg.wa.gov/documents/house/members/photos/morris.jpg