Pennsylvania's Starts Green Energy Revolving Loan Fund With $48 Million
HARRISBURG, Pennsylvania, February 25, 2010 (ENS) – Pennsylvania’s new $48 million Green Energy Revolving Loan Fund will supply capital for developing cost effective, energy-saving and renewable energy projects in existing, non-residential buildings throughout the state.
Made possible through economic stimulus funding, these projects must cut an entire facility’s energy consumption by at least 25 percent or develop and install technologies that produce electricity from renewable resources.
The federal Recovery Act will provide $12 million to the state for the Green Energy Revolving Loan Fund, but it requires any firm applying to manage the Revolving Loan Fund to provide a minimum match of $18 million in private funds.
The Reinvestment Fund, TRF, a well-established financial management firm with a successful track record of investing in green technologies and sustainable forms of energy has been selected to be the manager, says Governor Edward Rendell.
In announcing TRF’s selection Wednesday, the governor said the firm’s track record and its pledge to providing double the federally required match for the new program is evidence of its commitment to building a green economy in Pennsylvania.
TRF committed to investing $36 million, which will allow for a $48 million pool of funds in the loan program.
Non-residential buildings are eligible for Green Energy Revolving Loan Funds. The Philadelphia Bourse Building, left, the first commodities exchange in the USA, was refurbished in the early 1980s as a retail and office complex. (Photo by Kevin Stewart)
“President Obama and Congress had the foresight to make renewable energy and energy conservation a key part of the federal Recovery Act because these are areas that are critically important to the nation’s future,” said Governor Rendell.
“This new revolving loan fund is the latest opportunity to be born of that wise decision and, under TRF’s management, the program will put hundreds of people to work incorporating green technologies into buildings that ultimately, will save consumers millions of dollars each year.”
The $48 million investment is expected to help support 500 jobs on projects that will reduce energy consumption by nearly 800 billion British Thermal Units of energy, or enough to power more than 23,000 average homes in Pennsylvania for one year.
TRF also is responsible for administering the Sustainable Development Fund, a $32 million energy fund created by the Pennsylvania Public Utility Commission in its final order in the PECO Energy electric utility restructuring proceeding.
In total, TRF has financed more than 2,526 projects, delivering $939 million in capital to projects throughout the Mid-Atlantic region.
The Pennsylvania Department of Environmental Protection and TRF are finalizing the guidelines for the Green Energy Revolving Loan Fund.
Click here for more information, as well as a form for non-residential building owners who may be interested in learning more.
Single-family dwellings are not eligible for financing under the new Green Energy Loan Fund. Homeowners interested in obtaining low-interest loans to help finance home-energy efficiency projects should seek assistance through the Keystone HELP program.