6. EDSR 03-14-2011 - Laserfiche WebLink

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Energy Efficiency Improvement Program Purpose: The Energy Efficiency Improvements Program is available to property owners of commercial or industrial buildings in Elk River to provide capital to businesses to invest in energy efficiency and improve their profitability through reduced energy costs and enhance their ability to retain and create jobs. In addition the program helps the City of Elk River used energy conservation as an economic development tool. Amount: Applicants may apply for the cost of improvements up to $75,000 Eligible Uses: Energy efficiency measures installed in or on a building, including: • Facility systems optimization (commissioning or re-commissioning) • Facility systems control improvements • Lighting efficiency improvements • Heating, ventilation and air conditioning system modifications • Exterior envelope impro~-emcnts • Motor and pump efficiency improvements • Ground-source heat pump systems used to heat or cool a f~lcility • Installation of equipment or devices that use renewable energy sources to generate electricin~ or heat or cool a building including solar electricity photovoltaic, wind turbine or solar thermal. Equity: Must have a minimum of 10"~~~ cquit<- pro~-idcd by the borrower. (are there .rti-rrclar~~ed ~r~ p~uticipcrtion loans or ~~it~e~~f lo~zn.r?~ Rate: Fi~cd at ~°,% Term: '1'hc mazilnum maturity- date dill be determined by the useful life of the improvement and the energy payback achieved. For projects that have a shorter length of pa~Tback (2-5) years as calculated according to energy savings, the loans will leave an initial maturity of up to 5 years from the date of closing. Longer life improvements (5-15 years) may apply for a longer maturity of up to 10 years. Repayment: Monthly installment payments will be made to the Elk River EDA according to the amortization schedule approved as part of the loan. Utility rebates as applicable will be assigned to the Elk River EDA and applied toward principal repayment of the loan. Criteria: Applicant must voluntarily agree to energy audits conducted and paid fox by the utility company's conservation improvement program (CIP). Engineering studies then are performed on facilities with conservation opportunities, 25% of the cost paid by the participating business and 75% paid by the utility company. ?????