| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | North Carolina |
| Incentive Type: | Loan Program |
| Start Date: | 08/26/2009 |
| Eligible Renewable/Other Technologies: | Solar Water Heat, Solar Space Heat, Geothermal Electric, Solar Thermal Electric, Solar Thermal Process Heat, Solar Photovoltaics, Wind (All), Biomass, Hydrogen, Combined Heat & Power, Landfill Gas, Tidal, Wave, Wind (Small), Hydroelectric (Small), Anaerobic Digestion |
| Eligible Efficiency Technologies: | Yes; specific technologies not identified |
| Name: | N.C. Gen. Stat. § 153A-455 |
| Name: | N.C. Gen. Stat. § 160A-459.1 |
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.
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A solar PV system is custom-designed for your home. Final solar system price may vary based on your location, monthly utility bill, government incentives and rebates, the condition of your home, and local installation prices. Solar PV system output and estimated savings are calculated based on several factors including product type, system production, geography, weather, shade, electricity use, full utilization of the 30% solar investment tax credit, and utility rate structures and rate increases. Savings on your total electricity costs are not guaranteed. Financing options and terms vary by location, and may not be available in all areas. Solar QC is neither the lender nor the project installer. Solar QC License# 1130591
