Local Option - Special Improvement Districts (Nevada)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Local Option - Special Improvement Districts|
|Incentive Type||PACE Financing|
|Applicable Sector||Commercial, Industrial, Residential, Multi-Family Residential|
|Eligible Technologies||Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Wind, Biomass, Hydroelectric, Geothermal Electric, Geothermal Heat Pumps, Solar Pool Heating, Small Hydroelectric, Yes; specific technologies not identified|
|Energy Category|| Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
|Start Date|| 2009-05-28
|Program Administrator|| Programs administered locally
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
Note: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENow for more information about PACE financing and a comprehensive list of all PACE programs across the country.
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. Nevada has authorized certain local governments to establish such programs, as described below. (Not all local governments in Nevada offer PACE financing; contact your local government to find out if it has established a PACE financing program.)
Existing Nevada law authorizes cities and counties to create special financing districts for a variety of projects that "serve a public use and will promote the health, safety, prosperity, security and general welfare of the inhabitants thereof and of the State of Nevada." The legislation enacted in May 2009 (S.B. 358) added renewable energy and energy efficient technologies to the list of projects eligible for special financing districts.
Authorities (Please contact the if there are any file problems.)
|Authority 1:|| NRS 271.010 et seq.
- 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" Cite error: Invalid
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