New Generation Energy - Community Food Service Efficiency Lending Program

March 28, 2012

Summary

2012 Update: This loan program is no longer available, the information provided is for reference only.

The Boston-based, non-profit organization New Generation Energy offers low interest loans for the installation of ENERGY STAR rated kitchen appliances via its Community Food Service Efficiency Lending Program. The ENERGY STAR appliance loans are available to companies (including sole-proprietorship) and non-profits in New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), with an emphasis on those located in low and middle-income communities. Examples of eligible organizations include restaurants, school cafeterias, church commissaries, coffee shops, grocery stores, and wholesale food distributors (in other words, any business or non-profit that stores or cooks food). The interest rate is currently 5.0%, although certain projects may be awarded grants and receive a lower interest rate. Only projects applying for loans are eligible for grants. The interest rate and terms are subject to change.

Interested businesses and non-profits should work with ENERGY STAR rated appliance distributors and/or installers to receive a price quote. After quotes have been received, they must submit a pre-application to the Community Lending Program. New Generation Energy staff will review the pre-application and will invite only qualified projects to complete a full application. A personal guarantee is normally required for loans. After a site visit, the final determination is made and loan terms are offered to the successful applicants.

There are also loans available for solar electric and solar water heating. Pre-applications are available on New Generation Energy's web site.

Program Overview

Implementing Sector: Local
Category: Financial Incentive
State: Massachusetts
Incentive Type: Loan Program
Web Site: http://www.newgenerationenergy.org/?q=community-lending/community-lending-program
Administrator: New Generation Energy
Start Date: 05/2009
Eligible Renewable/Other Technologies:
  • Refrigerators/Freezers
  • Custom/Others pending approval
  • Other EE
  • Food Service Equipment
  • Commercial Refrigeration Equipment
Maximum Loan: $100,000
Loan Term: Loans up to 1-10 years, rates vary from 0 to 5% (subject to change)

Contact

Name: Community Lending Officer
Organization: New Generation Energy
Address: 98 N. Washington St., Suite 305
Boston MA 02114
Phone: (617) 624-3688
Email: clp@newgenerationenergy.org

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.