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Section 11. Energy Efficiency Fund. (A) There is hereby established in the state treasury the [state] Energy Efficiency Fund, into which shall be deposited all energy efficiency revenues remitted under division (B) of this section. Revenues deposited into this fund shall be for the exclusive purposes of funding state energy efficiency programs created under [[relevant state code/act]] and paying the programs’ administrative costs. Money unspent in a year shall be carried forward to be spent in the subsequent year. Interest on the fund shall be credited to the fund. (B) Energy efficiency revenues shall include all of the following: (1) Revenues from payments, repayments, and collections under the state energy efficiency program and from program income; (2) Revenues from buyout payments under Section 9; (3) Revenue from civil penalties assessed under Section 10; (4) Interest earnings on the energy efficiency fund. (C) The Commission shall select a qualified organization or agency to serve as administrator of the Energy Efficiency Fund. (D) The Commission shall arrange for a biennial independent audit of the Energy Efficiency Fund and administration thereof. If a buyout option and/or penalties are utilized, it is important to create a repository for the funds that will accrue from such payments. It is also helpful to explicitly state that monies in the Energy Efficiency Fund are for the sole purpose of funding energy efficiency programs to avoid such funds going to the general state treasury. The funds may be administered by any organization or relevant agency. If administered by a third-party organization, fund administration should be awarded through a competitive bidding process to provide transparency. A relevant agency, such as the state energy office, may also be an appropriate fund administrator as many state energy offices have practical experience operating energy efficiency programs. A biennial independent audit of the fund is another method for providing transparency and ensuring proper fund management. An energy optimization administrator to properly allocate funds which accrue from alternative compliance payments was created through energy efficiency legislation in Michigan and may be a useful example. For more information, see Michigan Senate Bill No. 213, Act No. 295, Public Acts of 2008, effective October 6, 2008. 22PDF Image | Energy Efficiency Resource Standards
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