Municipal Aggregator NOPEC To Offer New Low-Interest Financing Program To Commercial Customers For Energy Efficiency
June 14, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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The Northeast Ohio Public Energy Council (NOPEC) has been approved to administer a new United States Department of Agriculture (USDA) low-interest loan program available to commercial property owners for energy efficiency property improvements.
NOPEC’s Savings Through Efficiency Program (STEP) is made possible through the USDA’s Rural Energy Savings Program (RESP).
NOPEC said that it is the first organization in Ohio -- and one of the first in the country -- to be awarded money through RESP to help small businesses lower their energy consumption and costs through energy-efficiency upgrades.
NOPEC’s STEP financing can be used to finance projects from $5,000 to $100,000 with a fixed 3% interest rate. Eligible project examples include interior and exterior lighting, windows and doors, insulation, and HVAC. Other renewable energy projects such as geothermal and solar water heating systems are also eligible.
Commercial properties located within a NOPEC member community including private sector office, retail and industrial and public-sector facilities (government, health care, education) can use this program. Apartment buildings with more than four units are also eligible.
"This is another community and economic development tool NOPEC offers our member communities and businesses," stated Georgine Welo, vice-chairman of NOPEC’s Board of Directors and Mayor of South Euclid.
For larger projects at commercial properties, NOPEC separately offers financing of $100,000 to $500,000 through its PACE (Property Assessed Clean Energy) lending program.
In addition to these two lending programs, earlier this year NOPEC awarded $6 million to member communities enrolled in the gas and/or electric aggregation to implement energy efficiency or energy infrastructure projects through the NOPEC Energized Community (NEC) grant program.