Nevada PACE Financing
How does solar financing in Nevada work?
The State of Nevada authorizes local governments to create and manage “special improvement districts” to provide financing for renewable energy and energy efficiency improvements. Property owners can pay for solar panels and other improvements over a period of time through property tax bills. The loans will 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 Nevada able to do this?
Thanks to Nevada’s NRS 271.010 et seq. law, cities and counties that set up financing districts can offer loan programs to pay back investments in renewable energy systems through property tax payments. The SB 358 law specifically adds renewable energy and energy efficient technologies to the list of eligible projects.
Is solar financing available now?
SB 358 just passed in late May 2009 and cities and counties have yet to implement their own property tax financing programs.
Do you have more info on the status of this municipal solar and energy efficiency financing program? Let us know and we will update this page with your tips.