Establishing a new clean energy fund program.

SB 5208 creates a new clean energy fund program in Washington state that provides loans to support clean energy projects. The fund offers loans for specific initiatives like acquiring electric vehicles, installing solar/wind equipment, decarbonizing facilities, and modernizing the grid, with eligibility for utilities, businesses, government agencies, and national labs in Washington. Loans must be repaid with principal and interest, which cycle back into the fund, and interest rates are capped for public entities while private loans must be at prime rate plus two percent. The program aims to advance the state’s environmental goals by financing projects that reduce emissions and foster a clean energy economy.