Energy Revolving Loan Fund (Rhode Island)

No revision has been approved for this page. It is currently under review by our subject matter experts.
Jump to: navigation, search

Summary

Last modified on January 9, 2015.

Financial Incentive Program

Place Rhode Island

Name Energy Revolving Loan Fund
Incentive Type State Loan Program
Applicable Sector Commercial, Industrial, Nonprofit, Construction, Multi-Family Residential, Retail Supplier
Eligible Technologies Clothes Washers/Dryers, Refrigerators, Ceiling Fan, Lighting, Boilers, Building Insulation, Processing and Manufacturing Equipment, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Biomass, Geothermal Heat Pumps, CHP/Cogeneration
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs











Funding Source American Recovery and Reinvestment Act














Terms Loan terms of 5-10 years with interest rate between 1%-3%
Program Administrator Commerce RI
Website http://www.commerceri.com/finance/ERLF.php
Date added to DSIRE 2014-12-10
Last DSIRE Review 2014-12-10



References DSIRE[1]


Summary

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.


Incentive Contact

Contact Name Hannah Morini


Address 315 Iron Horse Way, Suite 101

Place Providence, Rhode Island
Zip/Postal Code 02908
Phone (401) 278-9135


Email hmorini@commerceri.com
Website www.commerceri.com
     
     


  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"