Sacramento, CA – The Assembly Banking & Finance Committee voted 8-3 to pass AB 122 authored by Assembly Member Rendon and sponsored by State Controller John Chiang.
AB 122 creates a statewide financing program to encourage commercial building owners to install energy retrofits. Currently, many commercial property owners do not retrofit their buildings because projects are too expensive, it is difficult to find affordable financing, and the pay-back period for the loans takes too long to realize the cost savings of the loan.
AB 122 creates effective statewide standards for energy efficiency under the Energy Commission, encourages banks to create low interest rate warehouse line of credit repaid by a larger state revenue bond, and aggregates projects into an investment-grade instrument that will attract institutional investors.
“AB 122 creatively establishes an affordable statewide financing program for commercial property retrofits that will reduce energy consumption and produce new green construction jobs,” stated Assembly Member Anthony Rendon.
Assembly Member Anthony Rendon was elected to the Legislature in November of 2012 to represent the 63rd Assembly District. The 63rd Assembly District covers the cities and communities of Bell, Cudahy, Hawaiian Gardens, Lakewood, North Long Beach, Lynwood, Maywood, Paramount, and South Gate. Assembly Member Rendon serves on the following committees: Budget; Public Employees, Retirement and Social Security; Joint Legislative Audit Committee; Utilities and Commerce; and Water, Parks and Wildlife.
Contact: Bill Wong, (916) 319-3692