North Carolina PACE Financing
Congratulations, North Carolina property owners! You live in a state that supports easy energy efficiency and solar financing.
How does North Carolina’s municipal financing work?
North Carolina allows counties and municipalities to set up loans for renewable energy and energy efficiency improvements to be paid back through property tax payments over a 20-year period. The loans carry a fixed interest rate and stay with the house–so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
That sounds great! How is North Carolina able to do this?
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.
Is the solar financing program available now?
As of December 2009, no community in North Carolina offered PACE financing yet. Hopefully may programs will start appearing around the state soon. Contact your local government to find out if it has considered establishing a PACE financing program!