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Thursday, February 25, 2010

River Falls utility offers low-interest loans for renewables & energy efficiency

From a program description on the Website of River Falls Municipal Utilities:

In an effort to demonstrate our commitment to a strong local conservation ethic while demonstrating the effectiveness of energy efficiency, conservation and renewable resource development, we are now offering you a uniquely innovative renewable energy financing program called “Save Some Green”. This program is designed to financially assist you with the cost of purchasing and installing qualified renewable energy systems and efficiency improvements on your property. To accomplish this goal, a loan pool has been established to offer low cost financing to residential customers, with annual installment payments collected through annual property tax bills. . . .

QUALIFIED IMPROVEMENTS
· Solar Photovoltaic panel systems.
· Solar hot water.
· Solar thermal heating.
· Geothermal heating & cooling systems.
· Wind Turbines.
· Major energy efficiency projects in connection with a renewable energy project. . . .

TERMS AND CONDITIONS
· Payment of principal and interest shall be added to the annual property tax
statement and the original loan agreement be recorded as security
interest against the property.
· Payments include a 4% interest rate.
· Project funding can range from $2,500 to $50,000 based on the cost and energy
savings potential of the energy efficiency improvements.
· Renewable Energy Finance Program Loan Funding will be equal to the project costs,
less any incentives or other outside funding. The total combined funding will
not exceed the project cost.
· Loan terms will range from 5 to 20 years.
· In the event the property is sold or transferred, the remaining balance shall
be immediately due and payable on the date of sale, unless the Lender agrees to
extend the original agreement terms and conditions to the new purchaser.

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