LAS VEGAS (June 2, 2017) – Governor Brian Sandoval on Thursday approved an innovative new funding mechanism that opens the door for new clean energy projects throughout Nevada.
Assembly Bill 5, sponsored by Governor Sandoval’s own Office of Energy, makes it possible for commercial and industrial property owners to acquire low-cost, long-term financing for renewable energy or energy efficiency projects – a rooftop solar installation or energy efficient retrofit, for instance. With Property Assessed Clean Energy, or PACE, local governments work with private-sector lenders to provide financing for qualified projects, which is then paid back through an annual assessment on the business’s property tax bill.
“Thanks to the leadership of Governor Sandoval and the Nevada Legislature, we have new ways for businesses to reduce energy costs, build healthy communities and produce clean energy in Nevada’s commercial and industrial properties,” said Jennifer Taylor, State Policy Advisor for Clean Energy Project. “This is one more road to encouraging investment in a clean, sustainable Nevada.”
“There are plenty of Nevada business owners who would like to make clean energy upgrades to their properties, but haven’t had access to affordable funding,” said Dr. Linda Steelman, owner of Bonanza Cat Hospital. “This bill changes that and allows us to make important energy-saving, money-saving improvements in our businesses.”
ABOUT CLEAN ENERGY PROJECT
With deep roots in Nevada’s clean-tech revolution, the Clean Energy Project is Nevada’s premier 501(c)(3) advocacy organization to educate civic, community and business leaders on the importance of smart, forward-looking energy policies that strengthen the State’s economy and improve its environment. CEP is a member of the RenewNV coalition, a partnership of organizations working to build and enhance Nevada’s clean energy economy. Learn more: http://cleanenergyprojectnv.org/.