New Generation Energy - Community Food Service Efficiency Lending Program (Rhode Island)
Last modified on February 12, 2015.
Financial Incentive Program
|Place|| Rhode Island
|Name||New Generation Energy - Community Food Service Efficiency Lending Program|
|Incentive Type||Local Loan Program|
|Applicable Sector||Agricultural, Commercial, Industrial, Nonprofit, Schools, (any for-profit or non-profit enterprise involved in food storage or cooking)|
|Eligible Technologies||Custom/Others pending approval, Refrigerators, Commercial Cooking Equipment, Commercial Refrigeration Equipment, Food Service Equipment, Convection Ovens, Steamer, Fryer|
|Incentive Inactive Date||2012-03-28|
|Energy Category||Energy Efficiency Incentive Programs|
|Amount|| 5,000 to 100,000
|Start Date|| 05/2009
|Funding Source|| NGE's Renewable Energy Investment Note and Private Donations to NGE
|Maximum Incentive|| 100,000
|Terms||Loans up to 1-10 years, rates vary from 0 to 5% (subject to change)|
|Program Administrator||New Generation Energy|
2012 Update: This loan program is no longer available, the information provided is for reference only.
The Boston-based, non-profit organization New Generation Energy offers low interest loans for the installation of ENERGY STAR rated kitchen appliances via its Community Food Service Efficiency Lending Program. The ENERGY STAR appliance loans are available to companies (including sole-proprietorship) and non-profits in New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), with an emphasis on those located in low and middle-income communities. Examples of eligible organizations include restaurants, school cafeterias, church commissaries, coffee shops, grocery stores, and wholesale food distributors (in other words, any business or non-profit that stores or cooks food). The interest rate is currently 5.0%, although certain projects may be awarded grants and receive a lower interest rate. Only projects applying for loans are eligible for grants. The interest rate and terms are subject to change.
Interested businesses and non-profits should work with ENERGY STAR rated appliance distributors and/or installers to receive a price quote. After quotes have been received, they must submit a pre-application to the Community Lending Program. New Generation Energy staff will review the pre-application and will invite only qualified projects to complete a full application. A personal guarantee is normally required for loans. After a site visit, the final determination is made and loan terms are offered to the successful applicants.
There are also loans available for solar electric and solar water heating. Pre-applications are available at New Generation Energy's web site.
|Contact Name||Community Lending Officer|
|Department||New Generation Energy|
|Division||Community Lending Program|
|Address||98 N. Washington St., Suite 305|
|Phone|| (617) 624-3688
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.