Local Option - Financing Program for Renewable Energy and Energy Efficiency (North Carolina)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Local Option - Financing Program for Renewable Energy and Energy Efficiency|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Residential, General Public/Consumer|
|Eligible Technologies||Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Landfill Gas, Wind, Biomass, Geothermal Electric, CHP/Cogeneration, Hydrogen, Anaerobic Digestion, Small Hydroelectric, Tidal Energy, Wave Energy, Yes; specific technologies not identified|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Terms||Interest rate may not exceed 8%; term may not exceed 20 years|
|Date added to DSIRE||2009-09-02|
|Last DSIRE Review||2014-09-11|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
North Carolina enacted legislation (H.B. 1389) in August 2009 that authorizes cities and counties to establish revolving loan programs to finance renewable energy and energy efficiency projects that are permanently affixed to residential, commercial or other real property. A revolving loan program generally refers to a loan fund, where the loan repayments and interest are fed back into the fund. In this way, the loan can, in theory, continue indefinitely. HB 1389 allows cities and counties to fund their loan programs through Energy Efficiency and Conservation Block Grants from the federal government and the city's or county's unrestricted revenue. By law, the resulting loan programs may not charge more than 8% interest, and loan terms are limited to 20 years.
H.B. 1829 of 2010 expanded the authority of cities and counties to promote renewable energy and energy efficiency. Cities and counties are still free to provide revolving loan programs, but they can also establish loan loss reserve funds to assist in the financing of eligible projects, or other types of finance programs funded through federal and state grants or their own general revenue.
Contact your local government to find out if it offers financing for renewable energy and/or energy efficiency through this option.
Authorities (Please contact the if there are any file problems.)
|Authority 1:||N.C. Gen. Stat. § 153A-455|
|Authority 2:||N.C. Gen. Stat. § 160A-459.1|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.