Schwarzenegger signs legislation on green economy

09:25, April 22, 2010      

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California Governor Arnold Schwarzenegger announced on Wednesday that he has signed a legislation to promote the U.S. state's green economy.

The legislation, known as SB 77, was designed to establish a statewide Property Assessed Clean Energy (PACE) Reserve Program that will lower financing costs for businesses and residences in California to make energy improvements through retrofits, like installing energy efficient windows, on existing properties, the governor said.

This legislation will not only help increase energy efficiency and lower energy costs for consumers, but also create more than 10, 500 jobs, according to state Senator Fran Pavley, who proposed the legislation.

SB 77 creates another financing option for commercial and residential property owners to make energy improvements using bonds and/or loans that can be repaid through assessments added to their property tax bill, Schwarzenegger said.

The legislation establishes a state-financed reserve, through the California Alternative Energy and Advanced Transportation Financing Authority, of up to 30 million dollars from the Renewable Resources Trust Fund to implement the PACE Reserve Program, he said.

Schwarzenegger made the remarks as he toured the headquarters of Serious Materials in Sunnyvale, a Northern California-based company that was recently selected to retrofit all 6,514 windows in the Empire State Building in New York City as part of a massive renovation to increase the building's energy efficiency.

Schwarzenegger said he is committed to keeping green jobs and green technology companies like Serious Materials in California.

"Serious Materials is another company joining a long list of companies in California that are proving what I have always said: what is good for the environment is also good for the economy," said Schwarzenegger.

"We want to keep these companies and these jobs here in California. That is why I signed SB 77 to help build our green economy, create thousands of jobs and create a cleaner environment by making energy efficient investments easier to make," he added.

California leads the world in environmental technology as the home to 10,209 green-tech companies just like Serious Materials, Schwarzenegger stated.



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