HB 1472-FN - AS INTRODUCED
2024 SESSION
24-2764
10/08
HOUSE BILL 1472-FN
AN ACT relative to rebates of energy efficiency funds for electric vehicles.
SPONSORS: Rep. McWilliams, Merr. 30
COMMITTEE: Science, Technology and Energy
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ANALYSIS
This bill dedicates $3,000,000 from proceeds from the energy efficiency fund to be used by the department of energy to develop a pilot program for a "cash on the hood" program for point-of-sale electric vehicle rebates to buyers.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-2764
10/08
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
AN ACT relative to rebates of energy efficiency funds for electric vehicles.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Regional Greenhouse Gas Initiative; Energy Efficiency Fund and Use of Auction Proceeds. Amend RSA 125-O:23, II to read as follows:
II. [All] From amounts received in excess of the threshold price of $1 for any allowance sale, $3,000,000 shall be transferred to the department of energy for use as provided in paragraph II-a, and all other such amounts received shall be rebated to all retail electric ratepayers in the state on a per-kilowatt-hour basis, in a timely manner to be determined by the commission.
II-a. The department of energy shall develop and implement a so-called "cash on the hood" program for point-of-sale electric vehicle rebates to buyers. The program shall initially be a 2-year pilot program.
2 Effective Date. This act shall take effect July 1, 2024.
24-2764
11/28/23
HB 1472-FN- FISCAL NOTE
AS INTRODUCED
AN ACT relative to rebates of energy efficiency funds for electric vehicles.
FISCAL IMPACT: [ X ] State [ X ] County [ X ] Local [ ] None
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Estimated State Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
Revenue | $0 | $0 | $0 | $0 | ||
Revenue Fund(s) | None
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Expenditures | $0 | $30,000 | $30,000 | $30,000 | ||
Funding Source(s) | Energy Efficiency Fund Various Government Funds | |||||
Appropriations | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None
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• Does this bill provide sufficient funding to cover estimated expenditures? [X] No • Does this bill authorize new positions to implement this bill? [X] No | ||||||
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Estimated Political Subdivision Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
County Revenue | $0 | $0 | $0 | $0 | ||
County Expenditures | $0 | Indeterminable Increase | Indeterminable Increase | Indeterminable Increase | ||
Local Revenue | $0 | $0 | $0 | $0 | ||
Local Expenditures | $0 | Indeterminable Increase | Indeterminable Increase | Indeterminable Increase | ||
METHODOLOGY:
This bill dedicates $3,000,000 from the energy efficiency fund to be used by the Department of Energy to develop a "cash on the hood" pilot program for point-of-sale electric vehicle rebates to buyers. The Department of Energy states there would be no change in the revenue received by the State, but how the revenue is expended. Assuming enough demand exists for electric vehicle rebates, State expenditures through the pilot program would be $3,000,000. Expenditures from the Energy Efficiency Fund on RGGI ratepayer rebates would decrease an equal amount ($3,000,000). Reduced spending on RGGI ratepayer rebates would increase the cost of electricity by $3,000,000 statewide. Based on usage data provided by the Department of Administrative Services, the impact on state electricity expenditures would be about $30,000. (0.95% of electricity consumed statewide). The Department does not have access to data on county and local government electricity usage needed to provide an estimate to the increase in and local electricity costs. There would be no impact on county or local revenue.
AGENCIES CONTACTED:
Department of Energy