| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Nevada |
| Incentive Type: | Loan Program |
| Web Site: | Nevada State Office of Energy - Revolving Loans for Renewable Energy |
| Administrator: | Nevada State Office of Energy |
| Funding Source: | The American Reinvestment and Recovery Act of 2009 |
| Eligible Renewable/Other Technologies: | Solar Water Heat, Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Biomass, Geothermal Heat Pumps, Hydroelectric (Small), Geothermal Direct-Use |
| Eligible Efficiency Technologies: | Yes; specific technologies not identified |
| Applicable Sectors: | Commercial, Construction, Industrial, Local Government, State Government, Federal Government, Installers/Contractors |
| Maximum Loan: | $1 million |
| Loan Term: | Loan term will not exceed 15 years |
| Interest Rate: | 3%. A lower interest rate may be offered to public entities if the project is located in a disadvantaged community. |
| Technologies: | Solar Water Heat, Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Biomass, Geothermal Heat Pumps, Hydroelectric (Small), Geothermal Direct-Use |
| Sectors: | Commercial, Construction, Industrial, Local Government, State Government, Federal Government, Installers/Contractors |
| Parameters: | The incentive is 3.00%, The incentive has a maximum of 15.00 Years, The incentive has a maximum of $999999.9999 |
Note: The Governor’s Office of Energy (GOE) issues periodic Request for Applications to fund renewable energy, energy efficiency, and energy conservation projects from the revolving loan funds. A solicitation opened October 21 and is scheduled to close December 31, 2016, but may be extended upon the GOE’s discretion. Visit the website or call the GOE at (775) 687-1850 for current information regarding applications and loan availability.
Assembly Bill 522 of 2009 established a fund for renewable energy, energy efficiency and energy conservation loans with funding from the American Recovery and Reinvestment Act. According to the statute, all repayments on loans, and other income derived from loans, must be added back into the fund to be redistributed as additional loans. This type of loan program structure is commonly referred to as a “revolving” loan.
Phase One of this program provided over $8 million in short-term low-cost loans to renewable energy projects. These loans served as bridge financing to cover various project start-up costs. The program is now in Phase Two, with additional funding from unspent ARRA funds.
GOE awards loans to the following types of projects:
Loans may not be used for research or planning, refinancing, the purchase of land or water, or operations and maintenance. Applicants can apply for a minimum amount of $100,000 up to a maximum of $1,000,000. Complete program requirements and application forms are available at the web site above.
| Name: | NRS 701.545, et seq. |
