Glossary

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Term/Organization Acronym Definition
Accredited Investor   A person or institution that meets certain requirements for the purpose of purchasing securities that are not offered to the general public.
Avoided Costs   An avoided cost (also known as net-metering) is the minimum amount an electric utility is required to pay an independent power producer, under the PURPA regulations of 1978, equal to the costs the utility calculates it avoids in not having to produce that power.
Bailey Bill   Local tax authorities in South Carolina can adopt, by ordinance, a special assessment for eligible historic rehabilitation properties and low income properties which can lock-in the assessed value on the property at its pre-rehabilitation value for up to 20 years.  Applications need to be submitted prior to rehabilitation.
Base Erosion and Anti-Abuse Tax / Beat Liability   Congress-created a mechanism to deter U.S. corporations from eroding the U.S. tax base by paying tax-deductible expenses to foreign affiliates then distributing profits tax-free.
Carry Forward   A closing account balance from the previous accounting period is carried over as the opening account balance for a new accounting period.
Exceptional Needs Credits   A SC tax credit s of up to 100 percent of donations made to the South Carolina Educational Credit for Exceptional Needs Children Fund.
Façade Grant   A forgivable loan to owners of real estate in certain blighted areas to encourage renovation of the exterior of such real estate.
Federal Historic Tax Credits   A federal income tax credit is available for the rehabilitation of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.”
Helioscope   Solar Feasibility Study
Letter of Intent LOI A document outlining the preliminary commitment of one party to do business with another which outlines the chief terms of a prospective deal. 
Megawatt MW A measurement of power equal to one million watts, which is generally used to measure the output of a power station.
National Park Service NPS A United States Government Agency that manages all National Parks and other conservation and historical properties with various title designations. 
New Market Credits   A tax credit available to qualified  investors for investments in certified Community Development Entities, which invest in low-income communities.
Notice of Intent NOI A Notice submitted to the South Carolina Department of Revenue pursuant to Section 12-67-140(B)(I)  of the South Carolina Code in order for a property owner to claim certain state income tax credits for proposed rehabilitation expenses to be incurred in connection with redevelopment of the property.
Opportunity Fund OZF A vehicle used to invest in an Opportunity Zone.
Opportunity Zone OZ Highly distressed areas in the U.S. as designated by the Governors of each state as part of the Tax Cut and Jobs Act of 2017.
Ordinance   A municipal law or statute.
Pace Financing   Property assessed clean energy financing (PACE) is a means of financing energy efficiency upgrades or renewable energy installations of residential, commercial, and industrial property owners.
Photovoltaic  Array  PV Array A photovoltaic system or array, also solar PV power system, or PV system, is a power system designed to supply usable solar power by means of photovoltaics.
Photovoltaics PV  The field of semiconductor technology involving the direct conversion of electromagnetic radiation as sunlight, into electricity.
Property Assessed Clean Energy PACE A financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable energy and water conservation projects
Qualified Rehabilitation Expense QRE Credit producing approved expenditures for the rehabilitation of a qualifying building.
Resolution   A formal expression of the opinion of an official body , adopted by vote.
SC Abandoned Building Credits AB The Abandoned Buildings Revitalization Act (https://www.scstatehouse.gov/code/t12c067.php) was passed “to create an incentive for the rehabilitation, renovation and redevelopment of abandoned buildings located in South Carolina” by offering a state income tax or property tax credit to eligible projects.
SC Department of Revenue SCDOR The SC Department tasked with administering and enforcing the revenue and regulatory laws of the State of South Carolina.
SC Economic Development Association SCEDA SCEDA was formed to enhance the professional development of its membership and to advocate economic development to benefit the citizens of South Carolina.
SC Historic Credits   The South Carolina Historic Rehabilitation Incentives Act (SC Code of Laws Section 12-6-3535) as amended,  was passed to create an incentive for the rehabilitation and preservation of certified, historic income-producing structures by providing  
SC Textile Credits   The South Carolina Textiles Communities Revitalization Act was passed  to create an incentive for the rehabilitation, renovation, and redevelopment of abandoned textile mill sites located in South Carolina by offering SC income tax credits for the rehabilitation of qualified properties.
Solar Energy Industries Association  SEIA The National Trade Association for the U.S. Solar Energy Industry.
Solar Renewable Energy Credits SREC A form of renewable energy certificate or "green tag" existing in states that have Renewable Portfolio Standard (RPS) legislation with specific requirements for solar energy, usually referred to as a "solar carve-out".
Special Source Revenue Credits SSRC A tax credit available for qualified investors expanding the infrastructure serving a county or municipality, and the improved or unimproved real estate used in the operation of a manufacturing or commercial enterprise in order to enhance the economic development of the county or municipality. 
State Historic Preservation Office SHPO Office responsible for evaluating and nominating significant historic buildings, sites, structures, districts and objects to the National Register of Historic Places. 
Watt W A measurement of power, describing the rate at which electricity is being used at a specific moment.