1. Except as otherwise provided in subsection 6 and NRS 701.580 , money in the Account for Renewable Energy, Energy Efficiency and Energy Conservation, including repayments of principal and interest on loans, and interest and income earned on money in the Account for Renewable Energy, Energy Efficiency and Energy Conservation, may be used only: (a) To make loans at a rate of not more than 3 percent to a qualified applicant for: (1) The construction of an energy conservation project; (2) The construction of an energy efficiency project; (3) The construction or expansion of a renewable energy system; or (4) The manufacturing of components of a renewable energy system. (b) For any other purpose for which the United States Department of Energy has approved the use of money received pursuant to the American Recovery and Reinvestment Act and deposited in the Account for Renewable Energy, Energy Efficiency and Energy Conservation. 2. Money in the Account for Set-Aside Programs may be used only to fund set-aside programs authorized by the American Recovery and Reinvestment Act. Money in the Account for Set-Aside Programs may be transferred to the Account for Renewable Energy, Energy Efficiency and Energy Conservation pursuant to the American Recovery and Reinvestment Act. 3. A qualified applicant who requests a loan or other financial assistance must demonstrate that the qualified applicant has: (a) Complied with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto; or (b) Agreed to take actions that are needed to ensure that the qualified applicant has the capability to comply with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto. 4. Money from the Account for Renewable Energy, Energy Efficiency and Energy Conservation may not be given to a qualified applicant for the expansion of an existing renewable energy system unless the qualified applicant has the technical, managerial and financial capability to ensure compliance with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto. To receive such funding for the construction of a new renewable energy system, a qualified applicant must demonstrate that the qualified applicant has the technical, managerial and financial capability to ensure compliance with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto. 5. The Director shall, before approving an applicant for financial assistance from the Account for Renewable Energy, Energy Efficiency and Energy Conservation, consider whether the applicant has received or is eligible to receive from any other governmental entity any money or other financial incentive, including, without limitation, any grant, loan, tax credit or abatement of any tax for the purpose of financing in whole or in part the energy efficiency or energy conservation project of the applicant. 6. The Director may use the interest earned on money in the Account for Renewable Energy, Energy Efficiency and Energy Conservation and the interest earned on loans made from the Account for Renewable Energy, Energy Efficiency and Energy Conservation to defray, in whole or in part, the costs and expenses of administering the Account for Renewable Energy, Energy Efficiency and Energy Conservation and to carry out the purposes of NRS 701.545 to 701.595 , inclusive. 7. In selecting qualified applicants to receive funding or assistance from the Account for Renewable Energy, Energy Efficiency and Energy Conservation, the Director shall give preference to qualified applicants seeking funding or assistance for larger energy conservation projects, energy efficiency projects or renewable energy systems. The Director shall, by regulation, define larger energy conservation projects, energy efficiency projects or renewable energy systems for purposes of this section.
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