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House creates $5 million revolving loan fund to help schools improve energy efficiency
Summary
The House voted to create a $5 million revolving loan fund in HB351 to finance school energy‑efficiency projects with 2–12 year payback periods, administered by the Utah Geological Survey; sponsors estimated ~2.5% interest and projected early payback and annual savings.
House Bill 351, passed Feb. 15 by the Utah House, establishes a revolving loan fund intended to help public schools invest in energy‑efficiency upgrades.
Representative Barris, sponsor of the measure, said the fund would be seeded with one‑time money (an appropriation of $5 million) and administered through the Utah Geological Survey. Schools would apply for low‑interest loans (sponsor referenced an anticipated rate of about 2.5%) for projects with payback periods between 2 and 12 years. Examples include mechanical upgrades and lighting retrofits; sponsor cited an example in which state audits and utility incentives produced an estimated ongoing annual saving of $1,100,000 and a payback within two years on a prior package.
Representative Allen asked about interest-rate mechanics; Barris said exact terms would be set in rules but anticipated a low interest rate to recycle funds back into the program. Representative Buxton referenced an energy audit showing potential savings and urged support.
HB351 passed the House (70–0 with 4 absent) and will be forwarded to the Senate for further action. The bill’s supporters argued it is a proven model to reduce operating costs and help districts manage rising energy expenses.
