HB 23-1005

House Bill 23-1005, also known as the New Energy Improvement Program Changes, updates Colorado's C-PACE program by allowing property owners to finance energy efficiency, water efficiency, and resiliency improvements through special assessments. These assessments are levied on eligible properties and become a lien against them. The bill simplifies the process for approving these assessments by removing requirements for hearings and objections, instead requiring only that notices of assessment be sent out. This bill was signed into law by the governor on March 8, 2023, and will take effect on August 7, 2023.

Official Summary

The commercial property assessed clean energy program (C-PACE) is part of the new energy improvement program. C-PACE allows owners of eligible real property to apply to the Colorado new energy improvement district (district) to finance certain energy efficiency improvements. The act allows owners to also apply to the district to finance resiliency improvements and water efficiency improvements. Additionally, when the district approves a C-PACE application, an owner consents to the district levying a special assessment on an owner's eligible real property. Current law requires the district to notify district members and existing lienholders about the special assessment and the availability of a hearing to resolve any complaints or objections. After a hearing, current law further requires the district to pass a resolution resolving any complaints or objections. The act eliminates the requirements for the district to give notice about a hearing, conduct a hearing, and pass a resolution resolving complaints or objections. Instead of notifying district members and existing lienholders about the availability of a hearing, the act requires the district to send a notice of assessment, which specifies the amount of the special assessment to be levied on the eligible real property and explains that the special assessment constitutes a lien against the eligible real property. APPROVED by Governor March 8, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

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