In 2022, Governor Newsom signed Senate Bill 1112 (Becker, Chapter 834, Statutes of 2022), which directs the CEC along with the Governor’s Office of Business and Economic Development, the California Public Utilities Commission, and the State Treasurer’s Office to identify investment solutions, and apply for state and federal financing opportunities.
For the purposes of SB 1112, financing or investment solutions include United States Environmental Protection Agency’s inclusive utility investments policies or other industry best practices that will enable electrical corporations, community choice aggregators, or other eligible entities to provide zero-emission, clean energy, or decarbonizing building upgrades. The CEC is also required to provide technical assistance to those applying for federal funding opportunities.
By December 31, 2023, the CEC is required to submit a report to the Legislature that describes statutory changes necessary to improve access to federal funding for financing or investment solutions.