The Rhode Island Economic Development Cooperation (RIEDC) administers Energy Revolving Loan Fund (ELF) which provides low interest loans for RI business for energy saving investments. This loan program is funded by reprogrammed stimulus money from the American Recovery and Reinvestment Act (ARRA). Funds can be used to install renewable energy projects, energy efficiency, or purchase energy saving equipment. Terms of loan vary between 5-10 years with interest rates between 1%-3% depending on the project.
Businesses applying for financing are required to provide:
Earnings which can support the debt requested or projected growth which can generate a clear path to earnings
Collateral (either personal or in the business) equivalent to or in excess of the requested loan amount
Personal guarantee required for any owner of 20% or greater of the business
The company must be located in RI and be registered with the RI Secretary of State
Funds can be used for:
Energy efficiency retrofits of buildings, including insulation, HVAC upgrades, purchase of ENERGY STAR appliances, lighting and others
Installation of on-site renewable energy projects including Solar PV, Wind, Solar Thermal, Ground Source Heat-Pump, Combined Heat and Power, and Biomass thermal.
Installation of alternative fueling pumps and systems
Purchase of alternative fuel vehicles.
Applicants are required to submit Eligibility Formto determine if they qualify for the program.