Pennsylvania Green Energy Loan Fund (Pennsylvania)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Pennsylvania Green Energy Loan Fund|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Industrial, Local Government, Multi-Family Residential, Nonprofit, Schools|
|Eligible Technologies||Boilers, Building Insulation, Central Air conditioners, Chillers, Custom/Others pending approval, Doors, Duct/Air sealing, Energy Mgmt. Systems/Building Controls, Furnaces, Heat pumps, Lighting, Lighting Controls/Sensors, Roofs, Water Heaters, Windows, Biomass, CHP/Cogeneration, Geothermal Heat Pumps, Other Distributed Generation Technologies, Photovoltaics, Solar Water Heat, Wind, Appliances and Plug Loads|
|Incentive Inactive Date||2012-12-06|
|Energy Category||Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs|
|Amount|| Varies by project; loans may range from $100,000 to $2.5 million
|Start Date|| 2010
|Funding Source|| American Recovery and Reinvestment Act (ARRA); additional ARRA leveraged funds
|Maximum Incentive|| $2.5 million loan maximum (approximately)
|Program Budget|| $48 million ($12 million initial ARRA capital; $36 million in additional leveraged funds)
|Terms||Interest rates vary on a case-by-case basis, but generally from 3.5 - 6.5%; loan terms determined by life of equipment for up to 15 years; loans secured by financed assets or other collateral.|
|Program Administrator||The Reinvestiment Fund (TRF)|
The Pennsylvania Green Energy Loan Fund, administered by The Reinvestment Fund (TRF) will provide loans to finance energy conservation and energy efficiency improvements in buildings throughout Pennsylvania. Eligible borrowers include commercial, industrial, multi-family residential, non-profit, and government entities. The program notably will not provide loans for energy improvements made in single-family residential dwellings.
Supported improvements generally include energy retrofit measures (limited or extensive), equipment replacement, or gut rehabs in existing, occupied buildings. Projects involving new construction may be eligible on a case-by-case basis. The program may also support projects involving combined heat and power (CHP) or on-site renewable energy systems in conjunction with a larger building energy efficiency project. In order to qualify for a loan, a project must result in an estimated energy consumption reduction of at least 25%. Eligible improvements are generally custom in nature, but the following possible improvements are listed in the program application:
- Air sealing
- Building insulation
- HVAC systems and controls
- Interior and exterior lighting and controls
- Domestic hot water (heating system and plumbing)
- Appliances and other plug loads
- Windows, exterior, doors, and roofs
- On-site energy systems such as PV, solar water heating, geothermal, wind, biomass, and CHP systems
Loans are available in amounts from roughly $100,000 to $2.5 million. Interest rates will be determined on a case-by-case basis but are generally expected to be from 3.5% to 6.5%. The loan term will be set to correspond to the expected life of the equipment, up to 15 years. Loans will be secured by the financed assets, or other collateral such as personal or corporate guarantees. Applications will be accepted on a rolling basis.
The program will operate as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans. The fund is initially capitalized with $12 million in American Recovery and Reinvestment Act (ARRA) funding, to which the TRF has added an additional $36 million in leveraged funds. Please see the program web site for additional information and program materials.
|Contact Name||Program Information - PA Green Energy Loan Fund|
|Department||The Reinvestment Fund (TRF)|
|Address||718 Arch Street, Suite 300 North|
|Phone|| (215) 574-5800
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.