Oklahoma
Incentives/Policies for Renewables & Efficiency
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Last DSIRE Review: 07/16/2009
| Incentive Type: |
Property Tax Financing Authorization |
| State: |
Oklahoma |
| Eligible Efficiency Technologies: |
Locally determined
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| Eligible Renewable/Other Technologies: |
Locally determined
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| Applicable Sectors: |
Commercial,
Industrial,
Residential,
Nonprofit
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| Financing Terms: | Locally determined
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| Eligible Local Governments: | Counties
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| Possible Revenue Sources: | Bond issuance, third-party lenders (public or private), grants from other governmental entities
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Authority 1:
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S.B. 668
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| Date Enacted: | 4/28/2009 |
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Summary:
"Property tax financing" allows property owners to borrow money to pay for energy improvements. The amount borrowed is repaid through an increased property tax assessment over a period of years. Oklahoma enacted legislation in April 2009 (S.B. 668) that authorized counties to create "County District Energy Authorities" that offer loans or grants to renewable-energy systems and energy-efficiency improvements.
Any consenting residential, commercial or industrial property owner, living in a participating county* that has made an agreement with the County Energy District Authority or a financial institution is eligible for financing, provided that the property is developed with property taxes paid to date. Counties are authorized to make grants to non-profit organizations to perform energy efficiency retrofits on tax-exempt property. County Energy District Authorities are authorized to secure funding through the issuance of notes/bonds, public/private lenders, or grants/loans from other governmental entities. Loans to property owners in the district are repaid in the same manner and at the same time as property taxes are paid, and constitute a lien on the property. An energy audit is generally required and may be paid for using financing associated with a participating county's program.
*Counties must opt in to provide this program. Interested property owners should contact their county to find out if financing is available for renewable energy and/or energy efficiency through special property tax assessments.
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Please note: The information on the DSIRE web site provides an overview of incentives and other policies, but it should not be used as the only source of information when making purchasing decisions, investment decisions, tax decisions or other binding agreements. Please refer to the individual contact provided in each record to verify that a specific incentive or other policy is applicable to your specific project.
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