Section 24-38.5-102.4 - Energy fund - creation - use of fund - definitions - report - repeal(1)(a)(I) The energy fund is created in the state treasury. The principal of the fund consists of money transferred to the fund from the general fund; money transferred to the fund at the end of the 2006-07 state fiscal year and at the end of each succeeding state fiscal year from money received by the Colorado energy office; money received pursuant to the federal "American Recovery and Reinvestment Act of 2009", Pub.L. 111-5, or any amendments thereto; money received pursuant to revenue contracts, court settlement funds, supplemental environmental program funds, or the repayment or return of funds from eligible public depositories; money transferred to the fund pursuant to sections 6-7.5-110 (2)(a), 25-5-1406 (3)(a), and 25-7-1507 (3)(a); money received as gifts, grants, and donations; and any other money received by the Colorado energy office. Interest and income earned on the deposit and investment of money in the energy fund are credited to the fund. Money in the fund at the end of any state fiscal year remains in the fund and may not be credited to the state general fund or any other fund. Money in the fund may not be transferred to the innovative energy fund created in section 24-38.5-102.5.(b) For purposes of this section, "Colorado energy office" means the Colorado energy office created in section 24-38.5-101.(2)(a) All money in the energy fund is continuously appropriated to the Colorado energy office for the purposes of advancing energy efficiency and renewable energy throughout the state.(b) The Colorado energy office may expend money from the energy fund: (I) To attract renewable energy industry investment in the state;(II) To assist in technology transfer into the marketplace for newly developed energy efficiency and renewable energy technologies;(III) To provide market incentives for the purchase and distribution of energy efficient and renewable energy products;(IV) To assist in the implementation of energy efficiency projects throughout the state;(V) To aid governmental agencies in energy efficiency government initiatives;(VI) To facilitate widespread implementation of renewable energy technologies;(VII) To educate the general public on energy issues and opportunities;(VII.5) To implement the building performance program defined in section 24-38.5-112 (3)(b) and described in that section and section 25-7-142; and(VIII) In any other manner that serves the purposes of advancing energy efficiency and renewable energy throughout the state.(c)(I) Subject to the provisions of subparagraph (II) of this paragraph (c), the moneys in the clean and renewable energy fund may also be used by the Colorado energy office to make grants or loans to persons, as defined in section 2-4-401 (8), C.R.S., for use in carrying out the purposes of this section. The Colorado energy office shall consider the following information in determining whether to make a grant or loan: (A) The amount of the grant or loan;(B) The quantified impact on energy demand or amount of clean energy production generated as a result of the grant or loan;(C) The potential economic impact of the grant or loan; and(D) The public benefits expected to result from the grant or loan.(II) The Colorado energy office may establish terms and conditions for making grants or loans pursuant to this section and in accordance with the objectives of the office as set forth in section 24-38.5-102.(3)(a) Within three days after June 14, 2021, the state treasurer shall transfer forty million dollars from the general fund to the energy fund created in subsection (1)(a) of this section. The Colorado energy office shall use the money transferred under this subsection (3)(a) in a manner consistent with subsections (2)(b) and (2)(c) of this section and for the purposes of: (I) Making grants to the Colorado Clean Energy Fund, a Colorado nonprofit corporation, not to exceed a total of thirty million dollars;(II) Making grants to the Colorado new energy improvement district created in section 32-20-104, not to exceed a total of three million dollars;(III) Increasing the amount used, expended, or obligated on the residential energy upgrade loan program administered by the Colorado energy office and the Colorado Clean Energy Fund by up to two million dollars; and(IV) Increasing the amount used, expended, or obligated on the charge ahead Colorado program administered by the Colorado energy office by up to five million dollars.(b)(I) The Colorado energy office shall use, expend, or obligate at least seventy-five percent of the money for the uses specified in subsection (3)(a) of this section prior to July 1, 2022, and at least eighty-five percent of the money prior to July 1, 2023.(II) On June 30, 2025, the state treasurer shall transfer to the general fund any money in the energy fund created in subsection (1)(a) of this section that was transferred to the energy fund under subsection (3)(a) of this section and that remains unused, unexpended, and unobligated as of that date.(c)(I) On January 15, 2022, and annually thereafter until all state money has been used by grant recipients pursuant to this subsection (3), the Colorado energy office shall provide a report with full accounting of the use of all grant money awarded. The report must include amounts and dates for how grant money has been used by each of the entities, including the names of all contractors, vendors, grantees, or recipients of state money, how the money was to be used, and all overhead and administrative costs associated with using the money. The Colorado energy office shall distribute copies of the reports as follows: (A) To the office of state planning and budgeting, the house of representatives energy and environment committee, and the senate transportation and energy committee or the successors to those entities; and(B) To the general assembly in accordance with section 24-1-136 (9).(II) In addition to making the reports specified in subsection (3)(c)(I) of this section, the Colorado energy office shall incorporate the information contained in those reports into its annual presentations under section 2-7-203.(d) This subsection (3) is repealed, effective July 1, 2025.(4)(a) On June 14, 2021, or as soon as possible thereafter, the state treasurer shall transfer three million dollars from the general fund to the energy fund created in subsection (1)(a) of this section. The Colorado energy office shall use the money transferred under this subsection (4)(a) in a manner consistent with subsections (2)(b) and (2)(c) of this section to provide grants prior to June 30, 2022, for the weatherization assistance program. No more than eight percent of the money transferred under this subsection (4)(a) may be used to administer the grants.(b)(I) By September 2, 2022, the Colorado energy office shall report the amounts of all grants awarded under this subsection (4) and the purposes to which the grant money is dedicated, as follows: (A) To the office of state planning and budgeting, the house of representatives energy and environment committee, and the senate transportation and energy committee or the successors to those entities; and(B) To the general assembly in accordance with section 24-1-136 (9).(II) In addition to making the report specified in subsection (4)(b)(I) of this section, the Colorado energy office shall incorporate the information contained in its annual presentation made in January 2023 under section 2-7-203.(c) This subsection (4) is repealed, effective July 1, 2024.Amended by 2023 Ch. 285,§ 10, eff. 8/7/2023.Amended by 2021 Ch. 326, § 2, eff. 9/7/2021.Amended by 2021 Ch. 227, § 1, eff. 6/14/2021.Amended by 2021 Ch. 226, § 1, eff. 6/14/2021.Amended by 2018 Ch. 359, § 6, eff. 6/1/2018.L. 2012: Entire section added, (HB 12-1315), ch. 965, p. 965, § 18, effective July 1. L. 2018: (1)(a)(I), (2)(a), and (2)(b) amended, (SB 18-003), ch. 2133, p. 2133, § 6, effective June 1. (1) This section is similar to former § 24-75-1201 as it existed prior to 2012.
(2) Subsection (1)(a)(II)(B) provided for the repeal of subsection (1)(a)(II), effective January 1, 2013. (See L. 2012, p. 965.)
(3) Subsection (1)(a)(III)(B) provided for the repeal of subsection (1)(a)(III), effective January 1, 2017. (See L. 2012, p. 965.)
(4) Section 6(2) of chapter 326 (HB 21-1286), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after September 7, 2021.
2023 Ch. 285, was passed without a safety clause. See Colo. Const. art. V, § 1(3).