North Carolina PACE Financing
Congratulations, North Carolina property owners! You live in a state that supports property tax solar financing.
How does solar financing in North Carolina work?
Local governments across North Carolina are now allowed to create their own financing districts which would provide financing for the installation of renewable-energy systems and energy-efficiency improvements to buildings and homes. The loans can be repaid through an increased property tax assessment over a period of years. 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 North Carolina able to do this?
Thanks to North Carolina’s S.B. 97 law, enacted in August 2009, local governments that set up financing districts can offer loan programs to pay back investments in renewable energy systems through property tax payments.
Is solar financing available now?
Cities and counties have yet to implement their own property tax financing programs, but keep an eye out for local programs popping up across North Carolina soon!