2021 Nevada Revised Statutes
Chapter 701A - Energy-Related Tax Incentives
NRS 701A.450 - Creation; administration; interest and income; use of money; regulations. [Effective through June 30, 2049.]
1. The Renewable Energy Account is hereby created in the State General Fund.
2. The Director of the Office of Energy appointed pursuant to NRS 701.150 shall administer the Account.
3. The interest and income earned on the money in the Account must be credited to the Account.
4. Not less than 75 percent of the money in the Account must be used to offset the cost of electricity to or the use of electricity by retail customers of a public utility that is subject to the portfolio standard established by the Public Utilities Commission of Nevada pursuant to NRS 704.7821.
5. Any money remaining in the Account at the end of a fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year.
6. The Director of the Office of Energy may by regulation establish:
(a) Other uses of the money in the Account; and
(b) A procedure by which any officer or employee of the State to whom the Director has made a loan or other distribution of money from the Account may enter into an agreement with the Director pursuant to which repayment of the loan or other distribution of money may be made through payroll deductions.
(Added to NRS by 2009, 2009; A 2011, 2075; 2013, 2768, 3207; 2015, 1920)
