Lawmakers lay out ambitious plan to fund renewable energy

State lawmakers laid out an ambitious plan Wednesday to fund renewable energy development through a new Clean Energy Development Authority with the power to issue bonds.

"We'd love to see this become the Silicon Valley of renewable energy," said Lawrence Murphy, manager of enterprise development programs for the National Renewable Energy Laboratory. Murphy said 20 other states want the same projects and warned that Colorado needs to move fast if it wants to be a player.

The Senate State, Veterans, & Military Affairs Committee approved the plan (House Bill 1150) and sent it to the full Senate for debate.

The bill would allow the authority to issue bonds for solar, wind, hydropower and geothermal renewable resources.

Sen. Ken Kester, R-Las Animas, said the plan could provide virtually unlimited funds for renewable energy projects. The tax-free bonds could be backed by the state if the Legislature and voters approve.

"Some of those transmission lines cost $1 million a mile," Kester said.

Kester said Texas, Wyoming and New Mexico are already ahead of Colorado in the race to build a new energy economy.

James Tarpey, a member of the Wyoming Infrastructure Authority Board, said his board has the authority to fund projects that cost $1 billion or more.

Baca County Commissioner Troy Crane told lawmakers his county has a wealth of energy resources, including biodiesel, ethanol and solar power, and no way to get it out of the county. He said it's hard to get funding for transmission lines.

Rep. Cory Gardner, R-Yuma, said the plan is not like Referendum A, a $2 billion bonding plan for major water projects rejected by voters in 2003. He said voters rejected that plan because it didn't list specific projects.

"It's not a blank check. They will list specific projects. This is truly next generation legislation for the state of Colorado. It powers up our renewable energy efforts," he said.

Sen. Chris Romer, D-Denver, said Colorado has the renewable energy assets and can't afford to squander them.

"We are clearly the Saudi Arabia of wind, solar and carbon assets," he said.