Maryland Strategic Energy Investment Fund - Required Uses - Building Electrification and Transportation Electrification

SB 622 requires the Maryland Strategic Energy Investment Fund to provide loans and grants specifically for building electrification (replacing gas appliances with electric ones) and transportation electrification (such as electric vehicle infrastructure). This policy change directly affects Maryland residents, businesses, and local governments seeking funding to switch to electric systems. The bill amends existing law to mandate these uses of the fund, redirecting resources from previous allocations. It becomes effective October 1, 2026, without creating new programs but altering how existing funds are distributed.