Ohio enacted legislation (S.B. 232) in June 2010 that authorizes cities and counties to establish revolving loan programs to finance renewable energy and energy efficiency projects that are permanently affixed to residential, commercial or other real property. A revolving loan program generally refers to a loan fund, where the loan repayments and interest are fed back into the fund. In this way, the loan can, in theory, continue indefinitely. By law, the resulting loan programs may only charge interest rates below the prevailing market rate.
SB 232 allows municipalities to establish an alternative energy revolving loan program that assists property owners (not just residents) with installing on their property:
Municipal Ordinance Procedure
In order to establish an alternative energy revolving loan program, a municipality needs to adopt an ordinance that:
Alternative energy revolving loan programs must submit a quarterly report to related distribution utilities detailing loan supported energy projects and provide additional information as necessary for utilities to count energy efficiency and demand reduction credits.
|Incentive Type:||Loan Program|
|Eligible Renewable/Other Technologies:||
|Loan Term:||Interest rates must be below prevailing market rates|
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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