DEP Announces Program Enhancements to Help Builders Obtain Low Interest Loans for Energy Saving Projects | New
(The Center Square) – The Pennsylvania Department of Environmental Protection (DEP) has announced that it will be easier for homeowners to obtain low-interest loans for conservation projects and d ‘energy improvement via the Green Energy Loan Fund (GELF).
Two improvements to the GELF will make it easier to obtain financing for the loans, officials said. Borrowers can get even lower rates if they agree to make a retro-commission after the installation of their energy saving project or by mobilizing GELF funding against other capital to increase resources. potential available to borrow.
âWe support projects that take energy efficiency beyond building code standards, which other lenders may be less willing to support. This allows homeowners to realize significant long-term energy savings, reduced greenhouse gas emissions and savings on their utility bills, âsaid DEP Secretary Patrick McDonnell.
The reinvestment fund created and managed the GELF and works with builders to ensure their projects meet specified energy saving requirements to be eligible for funding.
GELF can finance commercial properties, non-profit facilities, multi-family residential buildings and industrial facilities. Applicants can be building owners, developers or commercial tenants.
Since the program began in 2009, GELF has funded 16 projects for a total of $ 23 million in improvements. The funding has reduced carbon dioxide emissions by 110,000 tonnes over the life of these projects.