ODOD - Business and Institutional Loans (Ohio)
Last modified on May 23, 2011.
Financial Incentive Program
|Name||ODOD - Business and Institutional Loans|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Industrial, Institutional|
|Eligible Technologies||Lighting, Lighting Controls/Sensors, Energy Mgmt. Systems/Building Controls, Building Insulation, Comprehensive Measures/Whole Building, Custom/Others pending approval, CHP/Cogeneration|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Amount|| 10,000 - 250,000
|Funding Source|| System Benefits Charge
|Maximum Incentive|| 250,000
|Terms||Interest rate reduction up to 50%; 5 year term|
|Program Administrator||Ohio Department of Development|
The Ohio Department of Development and the Office of Energy Resources Division offers a Business and Institutional Loan for qualifying projects from Ohio businesses and institutions. Through a linked deposit, the ODOD and OERS will buy down the interest rate for energy efficiency projects, up to a maximum of $250,000 at a 50% reduced interest rate.
In order to qualify, the project must have an energy payback of 5 year or less, reduce energy costs by at least 15% and the expected life of the project must last longer than the energy payback. Applicants apply for a loan from a participating lender and apply to the OERS for project approval.
The program is funded through the Ohio System Benefits Charge; only customers who are in the service area of AEP, Cinergy, First Energy, Dayton Power and Light and Monongahela/Allegheny Power are eligible for this program. Contact the Program Coordinator below for more information on the Loan Program or for a list of qualified lenders.
|Contact Name||Carolyn Seward|
|Department||Ohio Department of Development|
|Division||Office of Energy Efficiency|
|Address||77 South High Street, 26th Floor|
|Address 2||PO Box 1001|
|Phone 2||(800) 848-1300|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.