ENERGY EFFICIENT BUILDING FINANCING FROM THE COMMONWEALTH OF PA

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DCEDThe Commonwealth of Pennsylvania recently released updated guidelines for the Alternative and Clean Energy (ACE) program, which provides grants and loans for the development and construction of alternative and clean energy and energy efficiency projects in the state.  Applications for projects are now being accepted.

The ACE program is designed to promote the utilization, development and construction alternative and clean energy projects, infrastructure associated with compressed natural gas and liquefied natural gas fueling stations, and energy efficiency and energy conservation projects in Pennsylvania.  The program is administered jointly by the Department of Community and Economic Development and the Department of Environmental Protection, under the direction of the Commonwealth Financing Authority.

In particular, ACE can be a source of funding for new construction or retrofits of a “High Performance Building” – defined as a project which meets or exceeds the United States Green Building Council (USGBC) LEED Gold standards or the National Green Building Standards (NGBS) Green Building Initiative (GBI) Green Globes – 3 Globes standards.  Eligible costs for the ACE program include acquisition of land and building; building construction costs; clearing and site preparation; planning, designing, and modeling work; registration and certification of the project; commissioning and enhanced verification of building performance.

The maximum loan amount for a High Performance Building is $5 million or 50% of the total eligible building construction/renovation costs, whichever is less.  The current interest rate for eligible projects is the 10-Year Treasury plus 250 basis points, and the rate is updated by the Commonwealth on a quarterly basis.  Loans must be secured by a lien on the assets financed.  The maximum grant amount for a High Performance Building is $2 million or 10% of the total eligible building construction/renovation costs, whichever is less.

The complete program guidelines are available at:

http://www.newpa.com/sites/default/files/uploads/AlternativeAndCleanEnergy_Guidelines_2013.pdf

In addition to the ACE program, PIDC and The Reinvestment Fund continue to have EnergyWorks Loan Fund financing available to support building retrofits or single system energy efficiency measures which will achieve at least a 25% energy savings.  For more information about EnergyWorks, please contact Chamor Hollinger at 215-496-8157 or chollinger@pidc-pa.org.

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