Energy Revolving Loan Fund

solar-rebates-and-incentives

Program Energy Revolving Loan Fund
Category Financial Incentive
Implementing sector State
Last Update
State Rhode Island
Administrator Commerce RI
Website http://www.commerceri.com/finance/ERLF.php
Budget -
Start Date
Technologies Solar Thermal Electric, Solar Thermal Process Heat, Solar Photovoltaics
Sectors

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 Form to determine if they qualify for the program.

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