Description

Note: The Renewable Energy Revolving Loan Program is currently suspended until spring 2009, when the program will be updated.

The Renewable Energy Revolving Loan Program provides low-interest loans to an individual or organization that plans to build a qualified renewable energy production facility. For the purposes of this loan, a renewable energy production facility is a facility that produces energy or transportation fuels from biomass, solar or wind resources. This loan may provide up to 50% of the total cost of a project, but may not exceed $250,000 for each project. The South Carolina Department of Agriculture administers the loan program, in cooperation with the South Carolina Institute of Energy Studies.

Disbursement of funds must be approved by the South Carolina Renewable Energy Oversight Committee. The interest rate for qualifying loans will not exceed the Wall Street Journal prime interest rate.