Advanced Energy Job Stimulus Program
| Date Last Updated | 11/16/2012 |
| Incentive Type | Bond |
| State/Federal | OH |
| Incentive Administrator/Contact Office | Ohio Development Services Agency |
| Incentive Initiation Date | 6/12/2008 |
| Incentive Size and Funding Source | The Program will award funds to a portfolio of advanced energy projects. The $150 million for advanced energy seeks to increase the development, production and use of advanced energy technologies in the state, and is divided in the following manner: - $66 million for clean coal technology projects administered through Ohio Air Quality Development Authority's (OAQDA) Ohio Coal Development Office (OCDO) (reviewed by the Technical Advisory Committee and approved by OAQDA).
- $84 million for non-coal-related projects in three $28 million annual appropriations administered by OAQDA (reviewed by the Development Finance Advisory Council, approved by the OAQDA and brought before Controlling Board for final approval).
OAQDA provides financing via conduit bonds. It is important to note that this program provides forgivable and non-forgivable loans ONLY. The Ohio Constitution does not allow grant awards for this program. All OAQDA financing instruments are conduit bonds that: - May be exempt or non-exempt from federal income tax.
- Enjoy 100% lifetime exemption from state income tax, real property, sales and use taxes.
- Are based on a credit analysis of the benefiting party and must identify the revenue sources that cover principal and interest payment.
As a general guideline, awards will range from approximately $50,000 to $2 million, based on size and scope and on jobs, investments and other impacts and may be considered for higher awards if outstanding potential value is demonstrated. Additionally, 5% of the fund may be set aside for small awards (generally in the range of $50,000) to support disruptive technologies with significant potential for success, even if they are in earlier stages of development. |
| Eligible Recipient | Project Developers with projects that will attract new investment to Ohio, build upon Ohio's manufacturing strength, advance energy technology development toward commercialization and prepare Ohio's workforce for the future. |
| Eligible Fuel | Does Not Specify |
| Eligible Project Size (MW) | Does Not Specify |
| Minimum Efficiency Required (%) | Does Not Specify |
| Resource Website(s) |
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