08/13/2009 GAAS:442:09 FOR IMMEDIATE RELEASE Print Version |
Recovery Funded Ultra-Low Interest Loans Available to Spur Economic Growth and Energy Efficiency Projects in California
Public Energy Efficient and Renewable Energy Projects
Eligible
The California Recovery Task Force today announced that one
percent interest loans funded through $25 million in American Recovery and
Reinvestment Act (Recovery Act) funds are available for eligible public energy
efficient and renewable energy projects in California. Available through the
California Energy Commission, the loans will help local jurisdictions stimulate
their economies and job growth while investing in energy efficiency and
reducing greenhouse gas emissions - all in a cost effective
manner. Cities, counties, special districts, public schools, colleges and
universities, public care institutions, and public hospitals are eligible to apply.
"These ultra-low interest loans leverage Recovery dollars
to create a cost effective way to invest in energy efficiency and reduce
greenhouse gas emissions - while stimulating the California economy and
promoting green job growth," said California Recovery Task Force Director
Cynthia Bryant. "We are working around the clock to pump Recovery funding into
California to stimulate our economy while also investing in the future of our
state."
The Energy Commission allocated $25 million in
Recovery funding from the State Energy Program (SEP) to implement the
low-interest loan program. The Energy Commission will provide loans with a
first-time ever low interest rate of one percent to promote green workforce
development, building energy efficiency retrofits and clean-energy - the areas
identified as the most effective ways to stimulate the economy and create a SEP
with long lasting energy benefits. The
Energy Commission estimates that retrofitting California's aged and inefficient
residential and non-residential structures could save the state's consumers 2.7
billion Btu annually and create more than 2,100 jobs.
The Recovery funding builds on California's existing Energy
Conservation Assistance Account Program. The loan program will now offer
two interest rates - the new one percent loan, funded through Recovery dollars
and the existent three percent loan program, funded from an established
state-funded loan program. Interest rates, either one or three percent,
will vary according to the type project and the reporting requirements
associated with that project under state and federal guidelines.
For more information and criteria about low interest loan
programs or other energy-related Recovery Act funding and programs go to the
California Energy Commission's Recovery page at http://energy.ca.gov/recovery/index.html
