OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www. cga. ct. gov/ofa

EMERGENCY CERTIFICATION

HB-7432

AN ACT CONCERNING ELECTRICITY AND ENERGY EFFICIENCY.

OFA Fiscal Note

State Impact: See Below

Municipal Impact: See Below

Explanation

Section 1 establishes a $500 rebate for the purchase and installation of certain replacement residential gas, propane, and oil heating equipment in residential structures, containing up to four dwelling units, from July 1, 2007 through July 1, 2017. There is no fiscal impact for the Office of Policy and Management (OPM) to administer this program.

Section 2 PA 05-2, An Act Concerning Emergency Home Heating Assistance, October Special Session (OSS), authorizes $5. 0 million in General Obligation (GO) bond funds for Energy Conservation Loan Fund (ECLF) to provide low-cost loans for various energy efficiency and renewable energy measures in residential structures. This bill expands the use of these funds to include rebates of up to $500 for certain energy-related purchases. This provision will not result in an immediate fiscal impact to the General Fund because it does not authorize additional GO bonds. However, to the degree it causes bond funds to be expended more rapidly than they otherwise would have been, there would be an increase in debt service costs in future years. The unallocated bond balance for the ECLF is $5. 0 million as of 3/27/07.

The Out Years

State Impact: None

Municipal Impact: None

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose.