The VirginiaSAVES Green Community Program provides low cost financing to private commercial and industrial, non-profits, and local governments to fund a wide range of energy efficiency and renewable energy projects in the State. The program works with third-party funding sources to provide financing for projects. Qualified Energy Conservation Bonds (QECB) are issued on a conduit basis by the Virginia Small Business Finance Authority for private borrowers and the Virginia Resource Authority for public borrowers. The program is administered by CleanSource Capital, LLC under the guidance of Virginia Department of Mines, Minerals, and Energy (DMME).
Interested applicants must submit a summary worksheet that describes the project, including measures being funded, vendors involved, and energy assessment. The program administrator will approve the application after ensuring that the proposed measures constitute “qualified conservation purposes” within the QECB regulation and meet other project guidelines. After meeting the eligibility requirements, the borrower can submit a formal application along with an application fee and negotiate a financing term sheet. Please contact the program manager for more information.
Implementing Sector: | State |
Category: | Financial Incentive |
State: | Virginia |
Incentive Type: | Loan Program |
Web Site: | http://www.vasavesgcp.com/ |
Administrator: | |
Start Date: | |
Eligible Renewable/Other Technologies: |
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Maximum Loan: |
Minimum Loan size: $500,000 to $ 1 million Maximum Loan size: $5 million |
Loan Term: | As negotiated with the Funding Party per transaction, with the expectation that the blended useful of the improvement up to a maximum of 10 years, but may be longer in Energy Performance Contracting |
Interest Rate: | As negotiated with the Funding Party per transaction |
Name: | Executive Order- 36: Continuing Qualified Energy Conservation Bonds |
Date Enacted: | 12/10/2014 |
Effective Date: | 12/10/2014 |
Expiration Date: | 12/31/2017 |
Name: | Bill Greenleaf |
Organization: | Virginia Community Capital |
Address: |
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Phone: | (804) 939-6165 |
Email: | bgreenleaf@vccva.org |
Name: | Greg Montgomergy |
Organization: | Abundant Power |
Address: |
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Phone: | (704) 271-9889 |
Email: | gmontgomery@abundantpower.com |
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.
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