On November 30th, PIDC participated in a “Smart Talk” panel convened by the University City Science Center and the Energy Efficient Buildings HUB (EEB Hub) at The Navy Yard. The “Smart Talk: Adventures in Entrepreneurialism – 20% by 2020” discussion focused on strategies to reduce energy consumption in commercial buildings by 20% by 2020. PIDC was joined on this panel by representatives from the EEB Hub, the Mayor’s Office of Sustainability, Blank Rome LLP, and Deloitte Consulting LLP.
During the panel discussion, PIDC outlined its strategy of using low cost financing through the EnergyWorks Loan Fund to encourage energy efficiency retrofit projects. The EnergyWorks Loan Fund provides low cost financing to support energy efficiency retrofit projects for businesses and nonprofits in Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties. PIDC partners with The Reinvestment Fund (TRF)and the Mayor’s Office of Sustainability to offer this innovative energy efficiency program. EnergyWorks provides loans from $100,000 to $2.5 million at a 3.5% interest rate. To be eligible, projects must reduce energy consumption by at least 25%.
Since the program’s inception, PIDC and TRF have provided over $14 million in flexible financing to support energy efficiency projects, which has leveraged over $210 million in total investment and assisted in retaining and creating over 400 jobs in Philadelphia. Each of the EnergyWorks projects will result in at least a 25% reduction in energy consumption and, in aggregate, are anticipated to result in annual energy savings of 21,784 MMBTUs per year.
PIDC is still accepting applications for the EnergyWorks Loan Fund. For more information on the EnergyWorks Loan Fund please visit www.energyworksnow.com or contact Susan Lowry at 215.496.8161.