U.S. Department of Commerce Invests $1 Million to Establish Energy Efficiency Revolving Loan Fund in Burlington, Vermont
U.S. Senator Bernie Sanders Applauds Investment to Help Promote Energy Efficiency and Reduce Business Costs
Contact: Public Affairs Department, (202) 482-4085
Monday, October 1, 2012
WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced a $1 million Economic Development Administration (EDA) grant to the Burlington Electric Department in Burlington, Vermont, to establish the Energy Efficiency Revolving Loan Fund (EE RLF). The EE RLF will make funds available for up to 150 commercial electric users during its first round of capitalization to help them make electrical upgrades to achieve greater energy-efficiency.
"This $1 million Economic Development Administration investment is an example of the Obama administration's commitment to helping businesses become more energy efficient to lower business costs," said Acting U.S. Commerce Secretary Rebecca Blank. "The grant announced today will provide critical funding to commercial electrical users in Burlington to help them make efficiency improvements that will save them money."
"The Economic Development Administration grant to Burlington Electric Department to support an on-bill financing program for energy efficiency is a true win-win-win," said U.S. Senator Bernie Sanders. "This investment will help our businesses reduce energy costs, will create and support jobs as we retrofit buildings, and will help reduce greenhouse gas emissions. I thank the Economic Development Administration for working to move this innovative program forward."
The Burlington Electric Department's Energy Efficiency Revolving Loan Fund (EE RLF) will offer a loan product to its commercial customers structured around an On Bill Financing mechanism. The loan financing will cover up to 150 commercial electric users during its first round of capitalization at $2 million to make efficiency electrical improvements with financing structured so that monthly repayments on the loan will be less than the anticipated energy savings from the improvements.
In August, President Obama signed an Executive Order to facilitate investments in industrial energy efficiency that will strengthen American manufacturing and help create jobs. These efforts to boost industrial energy efficiency, including combined heat and power systems, can save manufacturers as much as $100 billion in energy costs over the next decade, improving their bottom lines and strengthening U.S. manufacturing competitiveness. These types of efficiency measures will reduce energy consumption and reduce harmful emissions.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.