Oklahoma Incentives/Policies for Energy Efficiency |
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Last DSIRE Review: 06/05/2012
Program Overview:
| State: |
Oklahoma |
| Incentive Type: |
PACE Financing |
| Eligible Efficiency Technologies: |
Locally determined |
| Eligible Renewable/Other Technologies: |
Locally determined
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| Applicable Sectors: |
Commercial, Industrial, Residential, Nonprofit, Agricultural, Institutional |
| Terms: | Locally determined
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Authority 1:
Date Enacted:
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19 O.S. ยง 460 et seq.
4/28/2009
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Summary:
Note: The Federal Housing Financing Agency (FHFA) issued a statement in July 2010 concerning the senior lien status associated with most PACE programs. S.B. 102 amended state law to make PACE loans junior and inferior to other liens. Effective November 1, 2011, this law should allow local governments to adopt PACE programs that are within the acceptable parameters established by the FHFA.
Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. Oklahoma has authorized county governments to establish such programs, as described below. (Not all local governments in Oklahoma offer PACE financing; contact your local government to find out if it has established a PACE financing program.)
Oklahoma enacted legislation in April 2009 (S.B. 668) that authorized counties to create "County District Energy Authorities." The Authorities are authorized to issue notes/bonds, seek out public/private lenders, or apply for grants/loans from other governmental entities in order to establish and fund local PACE programs. Once a county has established the Authority and PACE program, county property owners, who are up-to-date on their property taxes, may enter into a contract with the county to receive a loan for permanently fixed renewable energy or energy efficiency improvements to their property. These loans are then repaid via the property taxes and they constitute a lien on the property until paid in full.
The legislation mandates that any resulting county loan program established must require participating property owners to undergo an energy audit (the cost of the audit may also be rolled into the financing received). The efficiency equipment must be energy star rated. Finally, the legislation also authorizes the County District Energy Authorities to establish a grant program for not-for-profit organizations that are property-tax exempt, although the Authorities are not required to do so. The remaining details of a county program are determined locally and will vary from county to county. |
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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