§ 153A-455. Revolving loan program for energy improvements.
§ 153A‑455. Revolvingloan program for energy improvements.
(a) Purpose. TheGeneral Assembly finds it is in the best interest of the citizens of NorthCarolina to promote and encourage renewable energy and energy efficiency withinthe State in order to conserve energy, promote economic competitiveness, andexpand employment in the State. In furtherance of this purpose, a county mayestablish a program to finance the purchase and installation of distributedgeneration renewable energy sources or energy efficiency improvements that arepermanently affixed to residential, commercial, or other real property.
(b) Revolving LoanFund. A county may establish a revolving loan fund for the purpose ofproviding loans to finance the purchase and installation of distributedgeneration renewable energy sources or energy efficiency improvements that arepermanently fixed to residential, commercial, or other real property. A countymay use Energy Efficiency and Conservation Block Grant Funds and itsunrestricted revenue to fund the revolving loan fund. The annual interest ratecharged for the use of funds from the revolving fund may not exceed eightpercent (8%) per annum, excluding other fees for loan application review andorigination. The term of any loan originated under this section may not begreater than 15 years.
(c) Definition. Asused in this Article, "renewable energy source" has the same meaningas "renewable energy resource" in G.S. 62‑133.8. (2009‑522, s. 2.)