§ 160A-459.1. Revolving loan program for energy improvements.
§ 160A‑459.1. 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 city 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 city may establish a revolving loan fund for the purpose of providingloans to finance the purchase and installation of distributed generationrenewable energy sources or energy efficiency improvements that are permanentlyfixed to residential, commercial, or other real property. A city may use EnergyEfficiency and Conservation Block Grant Funds and its unrestricted revenue tofund the revolving loan fund. The annual interest rate charged for the use offunds from the revolving fund may not exceed eight percent (8%) per annum,excluding other fees for loan application review and origination. The term ofany loan originated under this section may not be greater 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. 1.)