New Generation Energy - Community Solar Lending Program (Rhode Island)
Last modified on February 12, 2015.
Financial Incentive Program
|Place|| Rhode Island
|Name||New Generation Energy - Community Solar Lending Program|
|Incentive Type||Local Loan Program|
|Applicable Sector||Agricultural, Commercial, Industrial, Nonprofit, Schools, (any for-profit or non-profit enterprise)|
|Eligible Technologies||Photovoltaics, Solar Water Heat|
|Incentive Inactive Date||2012-03-28|
|Energy Category||Renewable Energy 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 solar electric and solar water heating systems via its Community Lending Program. The solar 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. 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 solar 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 the purchase of Energy Star kitchen appliances for organizations and business involved in food sales and service. Pre-applications 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.