§940g — Title 7 Agriculture | U.S. Code

Summary

The Secretary can make loans for electric systems that use renewable resources so the power can be sold to people in both rural and nonrural areas. These loans can be made in addition to any other money or authority already provided under this law. The interest rate on these loans must equal the average tax-exempt municipal bond rate for loans of similar length. Renewable energy sources named are: solar (sunlight turned into electricity), wind (wind turns turbines), hydropower (moving water makes power), biomass (plant or animal material used for energy), and geothermal (heat from under the ground).

Title 7, §940g

Agriculture — Source: USLM XML via OLRC

(a)In this section, the term “renewable energy source” means an energy conversion system fueled from a solar, wind, hydropower, biomass, or geothermal source of energy.

(b)In addition to any other funds or authorities otherwise made available under this chapter, the Secretary may make electric loans under this subchapter for electric generation from renewable energy resources for resale to rural and nonrural residents.

(c)The rate of a loan under this section shall be equal to the average tax-exempt municipal bond rate of similar maturities.

Notes & Related Subsidiaries

Editorial Notes

Codification Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.

Statutory Notes and Related Subsidiaries

Effective Date

Enactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of this title.

§940g Electric loans for renewable energy