Fund to Help Businesses Make Energy-Efficiency Upgrades
The U.S. Department of Commerce on October 1 announced a $1 million Economic Development Administration grant to the Burlington Electric Department in Burlington, Vermont, to establish the Energy Efficiency Revolving Loan Fund. The fund will support up to 150 commercial electric users to help them make electrical upgrades to achieve greater energy-efficiency.
The Burlington Electric Department's fund will offer a loan product to its commercial customers structured around an On Bill Financing mechanism. The first round of capitalization will be at $2 million to make efficiency electrical improvements with financing structured so that monthly repayments on the loan will be less than the anticipated energy savings from the improvements. See the Commerce Department press release.