Description

Note: The application period for the Energy Loan Fund will begin again on March 1, 2015. Interested applicants should email [email protected] to be notified when the application is available.

The Energy Loan Fund provides low-cost financing to Ohio-based businesses with less than 500 employees, manufacturers enrolled in the Energy Efficiency Program for Manufacturers, nonprofits,  and public entities. For further information regarding eligibility, please view the Program Guidelines and Application Process.

Small businesses may borrow up to 80 percent of eligible project costs up to $250,000. Manufacturers may borrow up to 80 percent of eligible project costs up to $1 million. Public entities and nonprofits may borrow up to 90 percent of eligible project costs up to $1 million. The Ohio Development Services Agency reserves the right to increase these limits on a case-by-case basis.

The applications must demonstrate a minimum 15 percent in energy use reduction as a result of the project. Other evaluation criteria include the application’s completeness, whether application meets the requirements of applicable state and/or federal funding sources, type of eligible technologies utilized and the extent of energy savings achieved as a result of the project, extent of job creation and improvement in environmental quality as a result of the project, extent of match investment in the project, the project readiness and timeline to complete project by deadline of certain funding sources, applicant’s need for financial assistance to complete project, and the advancement of the mission of the Office of Energy.

The pre-application review process takes from 7 to 10 days and a final resopnse should occur within 45 days.

The Energy Loan Fund is managed by the Ohio Development Services Agency. Funding is provided through the Ohio Advanced Energy Fund and the Federal State Energy Program.

History

Ohio's 1999 electric-restructuring law created the Energy Loan Fund (ELF), which provides incentives for energy efficiency, distributed energy and renewable-energy projects. The ELF will collect $100 million over 10 years from Ohio's four investor-owned utilities -– Duke Energy (formerly Cinergy), American Electric Power, Dayton Power & Light, and FirstEnergy — to provide low-interest loans for energy-efficiency improvements at residential, government, educational, commercial, industrial and agricultural facilities. The ELF also provides funding for renewable-energy projects. The Ohio Department of Development's (DOD) Office of Energy Efficiency (OEE) operates the fund. In addition to establishing funding levels, Ohio's restructuring legislation created the Public Benefits Advisory Board, a multi-stakeholder panel that assists the DOD in administering the Universal Service Board and the ELF. The DOD collaborates with the Ohio Public Utilities Commission to design and develop energy programs. The OEE has developed three loan programs for the ELF:

• Business & Institutional Loans
• Renewable Energy Financial Assistance Program
• Double-Saving Loans for Energy Home Improvements

In addition, the ELF provided grants for advanced energy technology projects in 2003, 2004, 2005 and 2006. Grant opportunities occur periodically; please contact the OEE for details