Local Option - Property Assessed Clean Energy Financing (Arkansas)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Local Option - Property Assessed Clean Energy Financing (Arkansas)|
|Incentive Type||PACE Financing|
|Applicable Sector||Locally determined|
|Eligible Technologies||Photovoltaics, Locally determined|
|Energy Category|| Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs
|Terms|| Locally determined
|References||Database of State Incentives for Renewables and Efficiency (DSIRE)|
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 property taxes, with a special assessment on the property over a period of years. Arkansas authorized PACE financing in 2013 with Senate Bill 640. Specifically, the state, cities, counties, and combinations of cities and counties may create a property assessed energy improvement district by adopting an ordinance and entering into a joint agreement with any other participating governmental bodies. Governmental bodies may also opt into existing districts by adopting an ordinance and entering into a joint agreement with any other participating governmental bodies.
The law requires property assessed energy improvement districts to be operated and controlled by a board of directors, and includes guidance for assembling the board. The law provides additional guidance in some aspects, but leaves a lot of authority with the property assessed energy improvement districts to design their own programs.
Authorities (Please contact the if there are any file problems.)
|Authority 1:||SB 640|
|Date Enacted|| 2013-04-11
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.
- "Database of State Incentives for Renewables and Efficiency (DSIRE)" Cite error: Invalid
<ref>tag; name "DSIRE" defined multiple times with different content