ODOD - Renewable Energy Loan Program (Ohio)

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Summary

Last modified on September 25, 2013.

Financial Incentive Program

Place Ohio

Name ODOD - Renewable Energy Loan Program
Incentive Type State Loan Program
Applicable Sector Commercial, Industrial, Residential, Nonprofit, Schools, Local Government
Eligible Technologies Solar Water Heat, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Fuel Cells
Active Incentive No

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount 1000 - 25,000 for residents, 10,000 - 500,000 for businesses







Start Date 2002







Maximum Incentive 25,000 for residents; 500,000 for businesses









Terms Rate buydown available for 5 years; loan repayment terms vary by lending institution
Program Administrator Ohio Department of Development
Website http://www.odod.state.oh.us/cdd/oee/elf_Renewable.htm
Date added to DSIRE 2001-12-17
Last DSIRE Review 2007-07-23



References DSIRE[1]


Summary

The Renewable Energy Financial Assistance Program is one of four loan programs funded by the Energy Loan Fund (ELF), established by the Ohio General Assembly under the state's 1999 electric restructuring act (SB 3). The ELF was created to provide incentives for implementing energy efficiency projects and renewable energy projects.

The Renewable Energy Loan Program reduces the interest rate, by approximately half, on standard bank loans for qualifying Ohio residents and businesses that borrow money to implement energy efficiency projects or renewable energy projects. Approximately 11 banks currently participate in the program. Although the interest rate buy-down is available for five years, individual banks establish loan repayment terms on a case-by-case basis.

Qualifying projects must be located in the service territory of one of the five participating electric-distribution companies to be eligible for ELF financing: Cinergy, American Electric Power, Dayton Power and Light, Monongahela Power or First Energy.

Eligible projects include but are not limited to the purchase and installation of solar-electric (PV) systems, wind, biomass or bio-energy (from agricultural products or landfill methane), hydropower (from flowing water or existing dams) and fuel cells. Loans for residential projects range from $500 to $25,000, whereas loans for commercial and institutional projects range from $5,000 to $500,000. Industrial facilities are eligible if they qualify as "small businesses," as defined by the Small Business Administration.

Applications and program details are available at the web site above. For questions regarding homes, contact Judy Pacifico. For questions regarding businesses and institutions, contact Carolyn Seward.


Authorities (Please contact the if there are any file problems.)

Authority 1: ORC § 4928.61 et seq.
Date Effective 2002
Date Enacted 1999


















Incentive Contact

Contact Name Judy Pacifico
Department Ohio Department of Development
Division Office of Energy Efficiency
Address 77 South High Street, 26th Floor
Address 2 PO Box 1001
Place Columbus, Ohio
Zip/Postal Code 43216-1001
Phone (614) 387-2732
Phone 2 (800) 848-1300

Email aef@development.ohio.gov
Website http://development.ohio.gov/Energy/default.htm
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
Place Columbus, Ohio
Zip/Postal Code 43216-1001
Phone (614) 466-4053
Phone 2 (800) 848-1300

Email ELF@odod.state.oh.us
Website http://development.ohio.gov/Energy/default.htm
     

  • 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 (DSIRE)"