ENEWS
Renewable Energy ProjectsRenewable Energy Improvement Financing DistrictUpdated January 19, 2010
The State bills authorize local government to offer potential solution to deal with financing renewable energy improvements. With the ability to impose and administer a special assessment on real properties, repaying the costs for installing renewable energy improvements may take a different format from conventional financing. This arrangement will make renewable energy improvements—photovoltaic’s, solar thermal, wind and geothermal-- more accessible and affordable. Equally important is the impact on local green economic activities and realistic potential for community members to participate in the shaping solutions toward climate change.
On October 27, 2009, the Board of County Commissioners of Santa Fe County took action by adopting an ordinance (2009-02, effective November 27, 2009) to form the Renewable Energy Financing District (“REFD”). Currently, the County is working on an agreement with a contracted entity to assist with the program development, implementation, administrative and financing services of the REFD. It is hoped that program activities can occur in February 2010 to include, but not limited to, public workshops and facilitation of the program implementation processes. Specifically, we will conduct outreach in support of the details related to the application processes to ensure that the general public receives relevant and accurate information to realize the maximum benefits of the program. The intent is to make the process user-friendly while maintaining a high level of accountability. The initial stage of the program will likely be funded with private capital and the REFD will issue “micro-bonds” to support each transaction. The terms of the loan will be lengthened closely to match the life expectancy of the installment and therefore will likely create situations, in general, where the monthly costs of the renewable energy improvement are compatible with existing utility costs. There is possibility that funding such as qualified Energy Conservation Bonds—tax credit bonds--may be accessed from the American Recovery and Reinvestment Act as resource. Other sources of financing options that we will continue to explore and develop may include taxable bonds, private equity, and tax-exempt bonds.
The County has been meeting with various stakeholders including bankers, renewable energy installers, builders, and others in order to get comments and feedback on the program development process. We have been and will continue to work closely with the State and The New Mexico Associations of Counties to ensure that Santa Fe County establish a policy and program that serves our public in an effective, accessible and affordable manner. Currently Boulder County and the City of Berkeley have similar policies and programs in place and they are experiencing well-received participation.
Renewable Energy Financing District Activities Schedule [PDF 56kb] » SANTA FE COUNTY, NEW MEXICO ORDINANCE NO·2009-12. Approving The Formation of the Santa Fe County Renewable Energy Financing District. Download Ordinance If you are interested in learning more about this initiative, or if you would like to place your name on a list for potential eligible applicants, please contact Duncan Sill at dsill@santafecounty.org or fill out the form below. Request More InformationFill out the form below to request more information about how to participate in the program.
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The 2009 New Mexico Legislative Session passed two important bills to enhance opportunities for and encourage local residents and businesses to make renewable energy improvements. Senate Bill 647 (Renewable Energy Financing District Act) and House Bill 572 (Solar Energy Improvement Special Assessment Act), sponsored by Senator Peter Wirth and Representative Brian Egolf, respectively, provides leadership in response to development of renewable energy sources and positively impact the security, economic well-being and public and environmental health of the state, and contributing to energy independence and addressing the issue of climate change.
