Energy Efficiency Revolving Loan Fund

September 11, 2024

Summary

The Energy Efficiency Revolving Loan Fund is administered by the Business Development Corporation via a contract with South Carolina Jobs-Economic Development Authority. The primary target of this program is business and industry, although utilities, non-profits and government entities may be eligible under certain circumstances.

The general amount of funds loaned per project is between $50,000 and $1,000,000, although exceptions can be made. The loans are to be paid back after one and one half times the projected payback period of the loan (e.g. a borrower has 6 years to pay off a loan with a 4 year projected payback). The maximum loan term is 10 years. Interest rates will vary depending upon the transaction.

To apply for funding, applicants must first commission a technical analysis by a Professional Engineer, a Certified Energy Manager, or an Accredited Commercial Energy Manager to identify the most cost-effective energy measures to install. The applicant should then use the technical analysis to step is to complete the application and then submit both the application and the analysis.

Program Overview

Implementing Sector:	State
Category:	Financial Incentive
State:	South Carolina
Incentive Type:	Loan Program
Web Site:	https://businessdevelopment.org/loans/sc-energy-efficiency-revolving-loan-program-eerl/
Administrator:	South Carolina Energy Office
Start Date:
Eligible Renewable/Other Technologies:	Yes; specific technologies not identified Passenger Electric Vehicles
Maximum Loan:	$1 million
Loan Term:	One and a half times the loan payback period with a 10 year maximum.

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.