How to Get the Green to GO GREEN
The cost of a major upgrade to a more energy efficient facility may have some businesses hesitating to take the plunge. Potential savings are tempting, but the price tag may be an overwhelming factor in the decision making.
The good news is that policies and programs are in place to help minimize these upfront project costs so business owners are able to invest in energy efficient improvements and retrofits. These are constantly evolving to fit the changing energy market, as well as the needs of business owners taking advantage of the programs. Some examples of these include on-bill financing, property tax financing (also known as Property Assessed Clean Energy or PACE bond financing), energy service performance contracting (ESPC), and energy efficiency mortgages (EEMs).
Both public and private entities are increasingly interested in funding energy efficient projects – the key is knowing where to look to find options.
Loan Programs Office: The Energy Department’s Loan Program Office guarantees loans to eligible clean energy projects and provides direct loans to eligible manufacturers of advanced technology vehicles and components.
State Energy Program: The State Energy Program provides financial and technical assistance to states through formula and competitive grants. States use their formula grants to develop state strategies and goals to address their energy priorities.
National Renewable Energy Lab (NREL) Renewable Energy Project Finance: NREL’s renewable energy finance website features original research, analysis and content aimed to inform decision makers in the renewable energy field.
Database of State Incentives for Renewables & Efficiency: DSIRE provides policies and incentives for energy efficiencies specific to locations across the country. Search by name, category, location or policy/incentive type.
Although cost isn’t the only concern in contemplating energy efficient improvements or retrofits, it is decidedly a consideration in the implementation of such plans. Taking advantage of the policies and programs that exist will allow the business to focus on the many benefits of energy efficiency instead of hindering its potential. It’s time to go green.