Great River Energy - Commercial Loan Program (Minnesota)
Last modified on May 23, 2011.
Financial Incentive Program
|Name||Great River Energy - Commercial Loan Program|
|Incentive Type||Utility Loan Program|
|Applicable Sector||Commercial, Industrial, Nonprofit, Schools, Local Government, Construction, State Government, Tribal Government, Fed. Government, Rural Electric Cooperative|
|Eligible Technologies||Comprehensive Measures/Whole Building, Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Daylighting|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Amount|| up to 1,000,000 (E3 Program fund: 200,000)
|Maximum Incentive|| 1 million
|Terms|| Rate: 0%-6% |
Repayment: 10 years
|Program Administrator||Great River Energy|
The E3 Fund (Energy Efficient Equipment Fund) provides financing to commercial and industrial customers purchasing and installing energy efficient equipment. Loans will be up to $200,000 with an interest rate determined by energy savings achieved.
Certification under the standards established by US Green Building Council (USGBC) for the Leadership in Energy and Environmental Design (LEED) Green Building Rating System makes customers of Great River Energy's (GRE) member Co-ops eligible for a $1,000,000 loan, which covers incremental equipment and construction capital expenses associated with obtaining a LEED Certification. The costs associated with obtaining the LEED certification include, but are not limited to energy audits, consulting services, engineering or architect design, application fees, and permits. Schools and Municipal entities may also receive financial assistance for the cost of completion of the LEED application process.
Final loan amounts and interest rates will be determined by energy savings simulated by the LEED Accredited Engineer or Architect. Personal, corporate or governmental loan guarantees will be required. All legal fees associated with the loan closings will be paid by the borrower. Projects must provide pre-construction estimates for LEED points and must provide LEED score sheet. GRE will require verification by a LEED Accredited Professional.
Eligible applicants may also receive funding for 100 % of the costs associated with the LEED certification application. The LEED application financing terms include a 0% interest rate, 5 Year Maturity, and maximum loan amount of $100,000. GRE will accept applications at any time for the LEED Financing Program. Completed applications will be reviewed by the LEED Financing Committee throughout the calendar year. Loan decisions will be made on completed applications with 30 days of receipt of complete application. A complete credit review will be completed for each applicant. Application required attachments include: Business Description of Applicant, Description of Project, Financial presentation, LEED Application materials.
The projects receiving financing through this program agree to be a case study (demonstration project) for use by GRE to promote energy conservation and efficiency. Project demonstration may include but is not limited to project site visits, printed materials, management testimonials, showcase at trade associations and other means as determined.
Contact GRE staff for further requirements.
|Contact Name||Tom Lambrecht|
|Department||Great River Energy|
|Division||Sustainable Design and Development|
|Address||12300 Elm Creek Boulevard|
|Place||Maple Grove, Minnesota|
|Phone|| (763) 445-6105
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.