Solar & Battery Regulation & Incentive Programs

Energy Efficiency Revolving Loan Fund

Program Overview


Category:
Financial Incentive
Program Type:
Loan Program
Implementing Sector:
State
State:
South Carolina
Eligible Storage Technologies:
Yes; specific technologies not identified
Website:
http://energy.sc.gov/incentives/eerl
Loan Term:
One and a half times the loan payback period with a 10 year maximum.
Administrator:
South Carolina Energy Office
Applicable Sectors:
Commercial, Industrial, Investor-Owned Utility, Local Government, Nonprofit, Municipal Utilities, Cooperative Utilities, State Government
Last Updated:
01/29/2016

Summary

The Energy Efficiency Revolving Loan Fund is administered by the Business Development Corporation via a contract with South Carolina Jobs-Economic Development Authority. The primary target of this program is business and industry, although utilities, non-profits and government entities may be eligible under certain circumstances.
 
The general amount of funds loaned per project is between $50,000 and $1,000,000, although exceptions can be made. The loans are to be paid back after one and one half times the projected payback period of the loan (e.g. a borrower has 6 years to pay off a loan with a 4 year projected payback). The maximum loan term is 10 years. Interest rates will vary depending upon the transaction.

To apply for funding, applicants must first commission a technical analysis by a Professional Engineer, a Certified Energy Manager, or an Accredited Commercial Energy Manager to identify the most cost-effective energy measures to install. The applicant should then use the technical analysis to step is to complete the application and then submit both the application and the analysis.