A bill for an act allowing local governments to establish economic property assessed capital expenditure programs.

This bill allows Iowa local governments (like cities or counties) to create voluntary financing programs for property owners to fund energy and water efficiency upgrades. It directly affects commercial, industrial, agricultural, and multi-unit residential property owners who can access low-cost, long-term financing for qualifying improvements like solar panels, water conservation systems, or energy-efficient equipment. The key mechanism is a property assessment added to the owner’s tax bill - repayable over time and transferred if the property is sold - to cover costs of approved projects. The program is administered by local governments or third parties, with financing limited to permanent improvements that reduce energy/water use or enhance sustainability.