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This entry was published on 2014-09-22
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SECTION 135-G
Financing
Public Service (PBS) CHAPTER 48, ARTICLE 7-A
§ 135-g. Financing. 1. Where any home conservation plan is approved by
the commission and requires utility financing, any such plan shall
provide that upon entering into a financing contract and security
agreement with an eligible customer, the utility shall reimburse such
eligible customer, or pay directly to an authorized contractor and/or
supplier a sum of money to cover the costs of installing energy
conservation measures, subject to the maximum amount set forth in
subdivision four hereof. Such sum shall be referred to as "the amount
financed".

2. Any such home conservation plan shall contain several options for
period of repayment; provided, however, the maximum repayment period
shall be seven years and it shall be offered in each plan.

3. Each participant shall repay to the utility the total amount
financed plus allowable interest charges on such amounts, through
charges separately set forth and identified, on such participant's
periodic bill for gas or electric service from the financing utility, or
may be separately billed as provided in the plan.

4. The total amount financed by a participant shall not exceed two
thousand five hundred dollars in the case of a single family home, three
thousand five hundred dollars in the case of a two family home, four
thousand dollars in the case of a three family home, and four thousand
five hundred dollars in the case of a four family home.

The total amount financed by a participant for paragraph (j) of
subdivision four of section one hundred thirty-five-b of this chapter
shall not exceed four thousand dollars in the case of a single family
home, five thousand dollars in the case of a two family home, five
thousand five hundred dollars in the case of a three family home, and
six thousand dollars in the case of a four family home.

5. In the event an eligible customer takes both electric service and
gas service from different utilities, the customer may choose to
participate in one plan offered by either the gas company or the
electric company, but not both. The total amount financed shall become
an added portion of the bill from the one utility in whose plan the
customer participates and shall become a debt due such utility.

6. Any financing utility shall be entitled to receive interest from
each participating, eligible customer on the amount financed by that
customer at a maximum rate to be determined by the commission in
approving the utility's home conservation plan. In determining the
maximum rate of interest, the commission shall consider the cost of
borrowing to the utility from all available sources, the cost of
financing generally available to potential participating customers from
other sources, the maximum use of funds available to a utility, efforts
by the utility to minimize interest costs, and shall endeavor to set the
rate in a manner which will assist customers in installing energy
conservation measures at the lowest possible cost. In no event shall the
interest rate exceed the overall rate of return awarded to the utility
in its last general rate case. The commission and any financing utility
shall develop and adopt means for minimizing the cost to utilities for
providing financing under this article.

7. In adopting any such home conservation plan the commission shall
set maximum aggregate amounts to be available for financing by each
utility in the year of its plan.