Energy Revolving Loan Fund

July 27, 2020


The Rhode Island Economic Development Cooperation (RIEDC) administers Energy Revolving Loan Fund (ELF) which provides low interest loans for RI business for energy saving investments. This loan program is funded by reprogrammed stimulus money from the American Recovery and Reinvestment Act (ARRA). Funds can be used to install renewable energy projects, energy efficiency, or purchase energy saving equipment. Terms of loan vary between 5-10 years with interest rates between 1%-3% depending on the project.

Businesses applying for financing are required to provide:

  • Earnings which can support the debt requested or projected growth which can generate a clear path to earnings
  • Collateral (either personal or in the business) equivalent to or in excess of the requested loan amount
  • Personal guarantee required for any owner of 20% or greater of the business
  • The company must be located in RI and be registered with the RI Secretary of State

Funds can be used for:

  • Energy efficiency retrofits of buildings, including insulation, HVAC upgrades, purchase of ENERGY STAR appliances, lighting and others
  • Installation of on-site renewable energy projects including Solar PV, Wind, Solar Thermal, Ground Source Heat-Pump, Combined Heat and Power, and Biomass thermal.
  • Installation of alternative fueling pumps and systems
  • Purchase of alternative fuel vehicles.

Applicants are required to submit Eligibility Form to determine if they qualify for the program.

Program Overview

Implementing Sector: State
Category: Financial Incentive
State: Rhode Island
Incentive Type: Loan Program
Web Site:
Administrator: Commerce RI
Start Date:
Eligible Renewable/Other Technologies:
  • Solar Thermal Electric
  • Solar Thermal Process Heat
  • Solar Photovoltaics
  • Biomass
  • Geothermal Heat Pumps
  • Combined Heat & Power
  • Clothes Washers
  • Refrigerators/Freezers
  • Ceiling Fan
  • Lighting
  • Boilers
  • Building Insulation
  • Processing and Manufacturing Equipment
  • Other EE
  • Wind (Small)
Loan Term: Loan terms of 5-10 years with interest rate between 1%-3%


Name: Hannah Morini
Address: 315 Iron Horse Way, Suite 101
Providence RI 02908
Phone: (401) 278-9135

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.