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| Energy Improvement Loan Program | |
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| Eligible States | NC |
| Type | Loan |
| Area of Interest | Renewable Energy |
| Description | North Carolina's Energy Improvement Loan Program (EILP) provides low-interest loans for onsite renewable energy electricity generation. The loans, which range up to $500,000, can be used to support capital improvement projects that utilize reliable and commercially available technologies. The interest rate on the loans is three percent, with an interest rate of one percent for some renewable and recycling energy projects. The time period of the loan equals the average payback time of the project, which is calculated from the avoided utility costs, and is limited to a 10-year maximum. In order to qualify for the EILP, a project must (1) be located in North Carolina; (2) demonstrate energy efficiency, use of renewable energy resources, energy cost savings or reduced energy demand; (3) use existing, reliable, commercially-available technologies; (4) meet federal and state air and water-quality standards; and (5) be able to recover capital costs within the loan's maximum term of 10 years through energy cost savings. Loans are secured by bank letter-of-credit (non-applicable for local governments and school systems). |
| Eligible Organizations | Livestock Producer, Commercial/Industrial Business, Educational Institution, Local Government, Nonprofit, Small Business |
| How to Apply | The North Carolina State Energy Office processes loans on a first come, first served basis. Interested parties must submit a letter of interest to start the application process. Additional information is provided on the Web site provided below. |
| For More Information | http://www.energync.net/funding/eilp.html  |
| Primary Contact | Enass Wahby State Energy Office 1340 Mail Service Center Raleigh, NC 27699-1340 (919) 733-1919 enass.wahby@doa.nc.gov |
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