75-25-101. Alternative energy revolving loan account.
75-25-101. (Temporary) Alternative energy revolving loan account. (1) There is a special revenue account called the alternative energy revolving loan account to the credit of the department of environmental quality.
(2) The alternative energy revolving loan account consists of money deposited into the account from air quality penalties from 75-2-401 and 75-2-413 and money from any other source. Any interest earned by the account and any interest that is generated from a loan repayment must be deposited into the account and used to sustain the program.
(3) Funds from the alternative energy revolving loan account may be used to provide loans to individuals, small businesses, units of local government, units of the university system, and nonprofit organizations for the purpose of building alternative energy systems, as defined in 15-32-102:
(a) to generate energy for their own use;
(b) for net metering as defined in 69-8-103; and
(c) for capital investments by those entities for energy conservation purposes, as defined in 15-32-102, when done in conjunction with an alternative energy system.
(4) (a) Except as provided in subsection (4)(b), the amount of a loan may not exceed $40,000, and the loan must be repaid within 10 years.
(b) For loans made using money obtained by the department of environmental quality from the federal government under the American Recovery and Reinvestment Act of 2009, Public Law 111-5, the amount of a loan may not exceed $100,000 and the loan must be repaid within 15 years. The department may establish a loan limit of less than $100,000 based on the amount of money received from the federal government and the department's projected number of applications and application amounts. (Effective July 1, 2011)
75-25-101. (Effective July 1, 2011) . Alternative energy revolving loan account. (1) There is a special revenue account called the alternative energy revolving loan account to the credit of the department of environmental quality.
(2) The alternative energy revolving loan account consists of money deposited into the account from air quality penalties from 75-2-401 and 75-2-413 and money from any other source. Any interest earned by the account and any interest that is generated from a loan repayment must be deposited into the account and used to sustain the program.
(3) Funds from the alternative energy revolving loan account may be used to provide loans to individuals, small businesses, units of local government, units of the university system, and nonprofit organizations for the purpose of building alternative energy systems, as defined in 15-32-102:
(a) to generate energy for their own use;
(b) for net metering as defined in 69-8-103; and
(c) for capital investments by those entities for energy conservation purposes, as defined in 15-32-102, when done in conjunction with an alternative energy system.
(4) The amount of a loan may not exceed $40,000, and the loan must be repaid within 10 years.
History: En. Sec. 1, Ch. 591, L. 2001; amd. Sec. 1, Ch. 110, L. 2005; amd. Sec. 40, Ch. 489, L. 2009.