Description
The Clean Renewable Energy Bond program, enacted as the Energy Efficiency and Renewable Energy Bonding Act, aims to help state agencies, universities, and public school districts cut utility bills and reduce energy use. The program uses an innovative financing mechanism to cover up-front costs and bond repayments, allowing agencies and schools to devote less money to utilities and more toward their mission.
Eligibility
All state agencies, universities and public school districts that occupy and maintain buildings owned by the state or school district are eligible to participate in the program.
Procedure
Participants are selected based on the energy consumption history of the facility and that the useful life of the package of improvements exceed the life of the bond, or ten years. In order for bonds to be issued, the state agency, university or school district wishing to finance energy savings measures must arrange for the Energy, Minerals and Natural Resources Department (EMNRD) to perform an energy audit to determine which measures can be taken to create energy savings and calculate the costs associated with each measure.
Benefits
- Reduces state, university and public school operating costs, ten percent off the top, thereby reducing taxpayer burden. Schools “free up” energy utility funds that can be used in the classroom;
- Stimulates statewide adoption of clean energy technologies – promoting market development through deployment;
- Directly influences climate change and reduction of greenhouse gas emissions;
- Improves comfort levels and enhances productivity for building occupants – students, teachers, state workers, general public; and
- Increases gross receipts tax revenues and economic benefits from construction projects.
Additional information
Clean Energy Bonds Expanded by the Economic Stimulus Act
Financing Renewable Energy Projects on State and Local Government Property with Clean Renewable Energy Bonds
Clean Renewable Energy Bond Rates
Clean Renewable Energy Bonds (Database of State Incentives for Renewables & Efficiency) |
