Terminates the requirement that the public utilities commission allocate five million dollars ($5,000,000) annually to the Rhode Island infrastructure bank for use with energy efficient programs.

Plain-English Summary

This bill would eliminate a current requirement that Rhode Island's Public Utilities Commission set aside $5 million every year for the Rhode Island Infrastructure Bank to use on energy efficiency programs. Right now, this annual funding is automatically directed to the Infrastructure Bank, which uses it to help pay for projects that make homes, buildings, and other facilities use energy more efficiently. This bill would end that automatic annual transfer.

If passed, the $5 million that was previously guaranteed for energy efficiency programs through the Infrastructure Bank would no longer be reserved for that purpose. This could affect homeowners, businesses, and organizations that currently rely on or benefit from those energy efficiency programs and the financing options the Infrastructure Bank provides. The Infrastructure Bank uses funds like these to offer loans and other financial tools that help people reduce their energy costs through upgrades like better insulation, heating systems, or other improvements.

It's worth noting that this bill does not specify where the $5 million would go instead — it simply removes the obligation to send it to the Infrastructure Bank for energy efficiency purposes. The Public Utilities Commission would no longer be required to make that annual allocation. The bill has been introduced and referred to the House Finance Committee, where it will be reviewed before any further action is taken.