Utility Financing of Energy Conservation: Can Loans Only Be Made through an Investor-Owned Utility?

I. Introduction II. Historical Development of Credit Restrictions III. The Constitutional Analysis ... A. Does a Conservation Financing Program Involve the Public "Credit" ... B. Does a Conservation Financing Program Involve the Credit "of the State"? ... 1. The Private Sector ... 2. Political Subdivisions ... 3. Public Corporations ... 4. Analysis ... C. Does a Conservation Financing Program Involve a Gift or Loan of Credit? IV. Conclusion