Richardson’s bill would codify 'Go Green' financing program and create expansion fund
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Summary
SB 1265 would put the Go Green financing program into statute and create an expansion fund so the Treasurer’s office can secure funding beyond IOU territories to reach rural and underserved communities.
Sen. Richardson presented SB 1265 to codify the California Alternative Energy and Advanced Transportation Financing Authority’s Go Green financing program in statute and create an expansion fund to allow the program to seek new funding sources beyond investor‑owned utility (IOU) territories.
Deputy Treasurer Kenny Morton, speaking for Treasurer Fiona Ma, said Go Green uses a state loss reserve to provide below‑market interest rates and broader loan approval to help homes and businesses finance clean energy projects. Morton said reliance on IOU funding restricts the program’s reach to IOU service territories and that statutory authorization and a dedicated fund would allow expansion to rural and underserved communities.
CAFE executive staff described program mechanics and the board approval process; senators asked who administers and benefits from the fund. Staff clarified the Treasurer’s office administers the program and CAFE’s board approves recommendations, with the explicit intent of expanding access to communities outside IOU territories.
The committee accepted amendments and recorded a due‑pass referral to Appropriations.
