Sec. 201. Private commercial building efficiency financing
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The Secretary shall establish a program to be known as the Commercial Building Energy Efficiency Financing Initiative under which the Secretary shall provide grants to States (as defined in section 3 of the Energy Policy and Conservation Act ( 42 U.S.C. 6202 )) to establish or expand programs to promote the financing of energy efficiency retrofit projects for private sector and commercial buildings. A State may apply to the Secretary for a grant under this section to establish or expand a program described in subsection (a), including— a commercial Property Assessed Clean Energy
(PACE)financing program; a credit enhancement structure that is designed to mitigate the effects of default, including a loan guarantee program, loan loss reserve program, collateral or subordinated capital program, or other program; a revolving loan fund; a program to promote the use of energy savings performance contracts or utility energy service contracts, or both; a utility on-bill financing or repayment program; an interest buy-down program; a secondary market financing program; a leasing structure that recognizes energy costs and addresses split-incentives; an educational program involving commercial lenders, energy service companies, commercial building owners, and other stakeholders established— to provide information to the community regarding program and project options and outcomes; and to build consensus on approaches to greater energy efficiency investments; and any other activity that will significantly increase the total investment in, and energy savings from, building retrofit projects and programs. A State receiving a grant under this section shall give a higher priority to programs and projects that— leverage private sources of funding; and aim explicitly to expand the use of energy efficiency project financing using private sources of funding, including philanthropic and other institutional investment. A State receiving a grant under this section is encouraged to consider establishing such other appropriate policies, incentives, or actions that will advance the purposes of this section. The Secretary shall evaluate applications from States under this section on the basis of— the likelihood that a proposed program or activity will— be established or expanded; increase the total investment and energy savings of the retrofit projects to be supported; and increase the total investment and energy savings in a State or region in which investments and energy savings have the greatest potential for growth as compared to other States or regions; and other factors that will advance the purposes of this section, as determined by the Secretary. Not later than 2 years after the date of the receipt of a grant under this section, a State shall submit to the Secretary, the Committee on Energy and Natural Resources of the Senate, and the Committee on Energy and Commerce of the House of Representatives a report on the performance of programs and activities carried out with the grant. A State receiving a grant under this section and the Secretary shall cooperate to collect and share data resulting from programs and activities carried out under this section. The Secretary shall incorporate data described in subparagraph
(A)into appropriate databases of the Department of Energy, with provisions for the protection of confidential business data. There is authorized to be appropriated to carry out this section $250,000,000 for the period of fiscal years 2015 through 2020, to remain available until expended. Of the amount made available for a fiscal year under paragraph (1)— 75 percent of the amount shall be allocated on a formula-basis that is consistent with the formula used to allocate funds for State energy conservation programs established under part D of title III of the Energy Policy and Conservation Act ( 42 U.S.C. 6321 et seq. ), as determined by the Secretary; and 25 percent of the amount shall be distributed by the Secretary consistent with the evaluation criteria established under subsection (d). Funds provided to a State under this section shall be provided to the office within the State that is responsible for developing the State energy plan for the State under part D of title III of the Energy Policy and Conservation Act ( 42 U.S.C. 6321 et seq. ).
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