The Energy and Environment Committee today advanced Representative Alex Valdez and Tracey Bernett’s bipartisan bill to put $40 million toward financing clean energy projects
DENVER, CO– The House Energy and Environment Committee today advanced a bill to invest in clean energy projects through the Colorado Energy Office. This bill is part of the Colorado Comeback state stimulus, a package of legislation that will invest roughly $800 million into helping Colorado recover faster and build back stronger. The bill passed by a vote of 10-3.
“As Colorado’s economy becomes cleaner and greener, we’re working to ensure that innovative clean energy projects can access the private capital entities looking to fund them,” said Rep. Alex Valdez, D-Denver. “Clean energy is a booming industry, and as we work to build back a stronger Colorado it makes sense to use proven models to encourage investment in a cleaner future for our state.”
“Transitioning to clean energy in Colorado is good for the environment, good for future generations and good for our economy,” said Rep. Tracey Bernett, D-Longmont. “As we help Colorado bounce back from the economic downturn brought on by the pandemic, we have an opportunity to invest in the industries of the future, and that’s exactly what we’re doing today. Our bill will help more clean energy projects get off the ground, save residents and businesses money through energy efficiency and also help to meet our state greenhouse gas emissions reduction goals.”
SB21-230 invests $40 million in clean energy finance initiatives through the Colorado Energy Office. The majority of the funds will go to the Colorado Clean Energy Fund (CCEF), which uses the “green bank” model already in operation in over a dozen states to finance clean energy projects and bridge the gaps between businesses and private capital providers. By leveraging limited public funds, the CCEF can draw over $120 million of total investment and create over 2,000 in Colorado communities most impacted by climate change.
The remaining funds will be allocated to proven programs within the Colorado Energy Office that support clean energy retrofits, energy-efficient new construction, clean energy lending and funding for the installation of EV charging stations at facilities across the state.