New public tax guidance issued today by the Department of the Treasury will make it easier for state and local governments to access more than $2 billion in existing low-cost financing to fund energy efficiency and renewable energy projects through Qualified Energy Conservation Bonds (QECBs). QECBs provide state and local governments with access to low-cost financing to fund energy efficiency and renewable energy programs.

The Obama Administration is committed to helping local governments effectively leverage federal financing tools to invest in job-creating energy efficiency projects across the country. The new public tax guidance from the U.S. Department of the Treasury and Internal Revenue Service (IRS) is aimed at providing greater clarity on program standards and promoting the potential utilization of QECBs. The effort is a part of the Obama Administration's overall commitment to comprehensive tax reform to modernize and strengthen our tax code. Based on available information, it is estimated that more than $2 billion QECB authority remains available. See the full text of the IRS NoticePDF.