Description

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 & 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.