Local Option - Clean Energy Financing (North Carolina)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Local Option - Clean Energy Financing|
|Incentive Type||PACE Financing|
|Applicable Sector||Agricultural, Commercial, Industrial, Low-Income Residential, Multi-Family Residential, Residential|
|Eligible Technologies||Locally determined, Locally determined|
|Energy Category||Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs|
|Program Administrator||Programs administered locally|
|Date added to DSIRE||2009-09-01|
|Last DSIRE Review||2012-09-06|
| Last Substantive Modification
to Summary by DSIRE
Note: The Federal Housing Financing Agency (FHFA) issued a statement in July 2010 concerning the senior lien status associated with most PACE programs. In response to the FHFA statement, most local PACE programs have been suspended until further clarification is provided.
Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. North Carolina has authorized certain local governments to establish such programs, as described below. (As of December 2009, no community in North Carolina offers PACE financing; contact your local government to find out if it has considered establishing a PACE financing program.)
In August 2009, North Carolina enacted legislation (S.B. 97) that authorizes* counties and cities to make special assessments in order to finance the installation of "distributed generation renewable energy sources or energy efficiency improvements that are permanently fixed to residential, commercial, industrial or other real property." Counties and cities that choose to adopt such programs may finance them by revenue bonds, general obligation bonds or general revenues.
For more detailed information, see the University of North Carolina School of Government's resources on the subject:
- An Overview of Special Assessment Bond Authority in North Carolina, published in November 2009.
- Blog Entry: Authorized Local Government Financing Programs for Energy Efficiency Improvements and Distributed Generation Renewable Energy Sources on Private Property, published in November 2009.
- As of September 2011, no cities or counties in North Carolina have created a PACE program.
|Contact Name||Jeff Hughes|
|Department||The University of North Carolina at Chapel Hill|
|Division||School of Government|
|Address||Campus Box 3330, Knapp-Sanders Building|
|Place||Chapel Hill, North Carolina|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||N.C. Gen. Stat. § 153A-210.1, et seq.|
|Authority 2:||N.C. Gen. Stat. § 160A-239.1, et seq.|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.