Green Energy Loans (Illinois)
Last modified on December 17, 2014.
Financial Incentive Program
|Name||Green Energy Loans|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Industrial, Nonprofit, Local Government, Agricultural|
|Eligible Technologies||Lighting, Processing and Manufacturing Equipment, Comprehensive Measures/Whole Building, Custom/Others pending approval, Solar Water Heat, Solar Space Heat, Solar Thermal Process Heat, Photovoltaics, Wind|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Amount||Up to 10 million|
|Maximum Incentive||Rate reduction for up to 5 years of the loan|
|Terms||Rate reduction available during first 2 years of the bank loan, with possible three additional year extension|
|Program Administrator||Illinois State Treasurer's Office|
|Date added to DSIRE||2008-06-01|
|Last DSIRE Review||2014-10-15|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
Note: The Green Energy Loans Program does not currently have information available online, however, the program is still active and accepting applications.
Illinois business owners, non-profit organizations, and local governments seeking loans for certain energy efficiency and renewable energy upgrades may apply for a rate reduction, under the Green Energy Loan program through the Illinois State Treasurer's Office, in partnership with eligible banks in the state (loan seekers are encouraged to verify if the eligible banks are actively participating in the program). Loan amounts are up to $10 million.
To qualify, the project must be located in Illinois and meet one of the following four criteria:
1. Participation in a state or utility administered efficiency program (ComEd, Ameren, or Dept of Commerce and Economic Opportunity); or
2. Have a contract with an Energy Service Company (commonly referred to as ESCO); or
3. Have a LEED Certified Professional working on the project with the intent to pursue LEED Certification; or
4. Have a plan to install renewable energy system.
The first step is to apply for and receive a loan from a participating, eligible bank for a comprehensive energy efficiency project and/or renewable energy system. After receiving approval, the participating lending bank applies for the rate reduction from the Illinois State Treasurer's Office, using the Green Energy Loan application. If approved, the Treasurer's Office will then deposit state fund in the bank, and the bank will pass along the rate reduction. The actual rate reduction varies depending on the bank. Interest rates are updated daily on the Treasurer's web site.
|Contact Name||Business Invest Green Energy Information|
|Department||Illinois State Treasurer's Office|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.