Alternative and Clean Energy Program
The Alternative and Clean Energy Program provides financial assistance in the form of grant and loan funds that will be used by eligible applicants for the utilization, development and construction of alternative and clean energy projects in the Commonwealth. The Program is administered jointly by the Department of Community and Economic Development (DCED) and the Department of Environmental Protection (DEP), under the direction of the Commonwealth Financing Authority.
Guidelines
Uses
Activities to promote the utilization, development and construction of alternative and clean energy projects, plus energy efficiency and energy conservation projects in the Commonwealth.
Funding
Loans: Loans for manufacturers of alternative and/or clean energy generation equipment or components shall not exceed $35,000 for every new job created within three years after approval of the loan. Loans for any alternative energy production or clean energy project shall not exceed $5 million or 50% of the total project cost, whichever is less. Grants: Grants for manufacturers of alternative and/or clean energy generation equipment or components shall not exceed $10,000 for every job projected to be created by the business within three years after approval of the grant. Grants for any alternative energy production or clean energy project shall not exceed $2 million or 50% of the total project cost, whichever is less. The maximum grant amount for an Energy Savings Contract (ESCO). Guarantees: Grants shall not exceed $5 million and have a term of not more than five years. In the event of a default, the grant will pay up to 75% of the deficiency.
Eligibility
A business; an economic development organization; or a political subdivision, includes municipalities, counties and school districts. As defined in Section II B, political subdivisions may not apply for loans for Alternative Energy Production Projects.
Terms
There is a matching investment requirement of at least $1 for every $1 of program funds awarded. There is a $100 non-refundable application fee due at the time of submission made payable to the CFA. There is a 1% commitment fee on all approved loans.