(The Center Square) – The Pennsylvania Department of Environmental Protection (DEP) announced that it will be easier for property owners to get low-interest loans for energy conservation and improvement projects through the Green Energy Loan Fund (GELF).
Two improvements to the GELF will make it easier for borrows to get funding, officials said. Borrowers can get further reduced rates if they commit to retro-commissioning after installation of their energy-saving project or by leveraging GELF funding against other capital to increase the potential resources available to borrow.
“We support projects that take energy efficiency above and beyond building code standards, which other lenders may be less willing to support. This enables property owners to achieve significant long-term energy conservation, greenhouse gas emissions reduction, and cost savings in their utility bills,” DEP Secretary Patrick McDonnell said.
Reinvestment Fund created and managed the GELF and works with builders to make sure their projects meet specified energy-saving requirements to be eligible for financing.
The GELF can provide financing for commercial properties, nonprofit facilities, multifamily residential buildings, and industrial plants. Applicants can be building owners, developers, or commercial tenants.
Since the program launched in 2009, the GELF financed 16 projects for a total of $23 million in improvements. The financing has enabled a carbon dioxide emissions reduction of 110,000 tons over the life of these projects.