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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 14 TO CHAPTER 52, TITLE 48 SO AS TO REQUIRE A MUNICIPALITY DEVELOP AN ENERGY INDEPENDENCE ACT TO HELP THE MUNICIPALITY'S RESIDENTS FINANCE MAKING CERTAIN ENERGY EFFICIENCY IMPROVEMENTS TO REAL PROPERTY IN THE MUNICIPALITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 52, Title 48 of the 1976 Code is amended by adding:
Section 48-52-1010. (A) A municipality shall develop an Energy Independence Plan (EIP) through which the municipality shall make available loans to help its residents finance the installation of distributed generation renewable energy sources or energy efficiency improvements that are permanently affixed to residential, commercial, industrial, or other real property situated in the municipality. These renewable energy sources and energy efficiency improvements include solar energy systems, high-efficiency air conditioning systems, dual glazed window and door replacements, and other related sources and improvements to existing structures or new installations, and may not be used for new construction or to refinance an existing installation.
(B) An EIP must provide a method by which a loan recipient may repay a loan provided under subsection (A) of this section by contract to repayment by a property tax assessment against him over a twenty-year period. Until this loan is fully satisfied, this assessment must constitute a lien against the real property on which the improvement made by the loan is made."
SECTION 2. This act takes effect upon approval by the Governor.
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