VirginiaSAVES Green Community Loan Program

October 11, 2024

Summary

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. 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. 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.
Program details can also be found on this form.

Program Overview

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:	Solar - Passive Solar Water Heat Geothermal Electric Solar Photovoltaics Wind (All) Biomass Geothermal Heat Pumps Municipal Solid Waste Combined Heat & Power Landfill Gas Tidal Wave Ocean Thermal Clothes Washers Dehumidifiers Ceiling Fan Chillers Furnaces Boilers Heat pumps Air conditioners Compressed air Caulking/Weather-stripping Building Insulation Agricultural Equipment Comprehensive Measures/Whole Building Custom/Others pending approval Yes; specific technologies not identified Insulation Hydroelectric (Small) Food Service Equipment Anaerobic Digestion Other Distributed Generation Technologies Commercial Cooking Equipment Data Center Equipment Commercial Refrigeration Equipment
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

Authorities

Name:	Executive Order- 36: Continuing Qualified Energy Conservation Bonds
Date Enacted:	12/10/2014
Effective Date:	12/10/2014
Expiration Date:	12/31/2017

Contact

Name:	Bill Greenleaf
Organization:	Virginia Community Capital
Address:
Phone:	(804) 939-6165
Email:	bgreenleaf@vccva.org

Name:	Greg Montgomergy
Organization:	Abundant Power
Address:
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.