Governor Sonny Perdue signed into law on May 20, 2010 legislation intended to encourage financing of alternative energy, energy efficiency and water conservation projects. Effective July 1, the amendments to the Georgia Code will pave the way for city and county development authorities to finance conservation projects, such as solar energy installation projects.

Specifically, House Bill 1388 amends the term “Project” and provides development authorities with the authority to provide financing to property owners “for the purpose of installing or modifying improvements to their property in order to reduce the energy or water consumption on such property or to install an improvement to such property that produces energy from renewable resources.”

For more information about House Bill 1388, please contact Steve O’Day. A copy of the bill and its legislative history is available here.