| Implementing Sector | State |
|---|---|
| Category | Financial Incentive |
| State | Virginia |
| Incentive Type | Loan Program |
| Web Site | http://www.vasavesgcp.com/ |
| Funding Source | Qualified Energy Conservation Bonds (QECBs) |
| Budget | $20 million (2015) |
| Start Date | 09/02/2015 |
| 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, Hydroelectric (Small), Anaerobic Digestion, Other Distributed Generation Technologies |
| Eligible Efficiency Technologies | Clothes Washers, Dehumidifiers, Ceiling Fan, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Combined Heat & Power, Compressed air, Caulking/Weather-stripping, Building Insulation, Agricultural Equipment, Comprehensive Measures/Whole Building, Custom/Others pending approval, Yes; specific technologies not identified, Insulation, Food Service Equipment, Commercial Cooking Equipment, Data Center Equipment, Commercial Refrigeration Equipment |
| Applicable Sectors | Commercial, Industrial, Local Government, Nonprofit, Schools, State Government, Agricultural, Institutional |
| 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 life 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 |
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.
| Name | Executive Order- 36: Continuing Qualified Energy Conservation Bonds |
|---|---|
| Date Enacted | 12/10/2014 |
| Effective Date | 12/10/2014 |
| Expiration Date | 12/31/2017 |
