6. EDSR 05-09-2011 - 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 use energy conservation as an economic development tool. Amount: Applicants may apply for the cost of improvements up to $74,999 Eligible Uses: Energy efficiency measures installed in or on a building include: • Facility systems optimization (commissioning/re-commissioning) • Facility systems control improvements • Process efficiency improvements (CenterPoint Energy) • Lighting efficiency improvements • Heating, ventilation and air conditioning system modifications • Exterior envelope improvements • Motor and pump efficiency improvements • Ground-source heat pump systems used to heat or cool a facility • Installation of equipment or devices that use renewable energy sources to generate electricity or heat or cool a building including solar electricity (photovoltaic), wind turbine or solar thermal. Equity: Must have a minimum of 10% equity provided by the borrower. Rate: Fixed; 2 points below the lowest prime rate published in the Wall S treet Journal the day the loan is closed, or 3%, whichever is greater. Term: The maximum maturity date will be determined by the useful life of the improvement and the energy payback achieved. For projects that have a shorter length of payback (2-5) years as calculated according to energy savings, the loans will have an initial maturity of up to 5 years from the date of closing. Longer life improvements (6-15 years) may apply for a longer maturity of up to 10 years. Criteria: Applicant must agree to energy audits conducted under the utility company's Conservation Improvement Program (CIP). If warranted, engineering studies then are performed on facilities with conservation opportunities under the utility company's CIP Program. Proposed energy efficiency improvements that do not qualify for the utility's prescriptive rebate program will be reviewed and approved by the utility company servicing the upgrade measures (e.g. Elk River Municipal Utilities, Connexus, CenterPoint) along with a letter indicating eligible utility rebates. Micro Loan Fund Policy & Guidelines Page 4 of 15 Amended May 2011