Revolving Loans for Renewable Energy, Energy Efficiency, and Energy Conservation

Nearly $13 million was funded under the federal American Recovery and Reinvestment Act of 2009 to provide short-term, low-cost loans to developers of renewable energy projects, renewable component manufacturers, energy efficiency, and energy conservation projects in Nevada. These loans serve as a bridge financing option to provide funding for various startup costs associated with these projects.

Progress

The original $8.2 million in funding has been built up to more than $12.8 million, mainly due to moving unspent ARRA funds from other programs into the Loan Fund. According to the U.S. Department of Energy, Nevada was the first state to have 100 percent of its ARRA revolving-loan funds allocated, indicating efficiency by the Energy Office as well as the industry’s interest in developing projects in Nevada. The program is now self-funded, and, in early 2012, $474,705 in unspent ARRA funds were transferred to the revolving loan fund and loaned to two new projects. Additional funding is being sought to continue to grow the existing the program.

Applications Accepted

The NSOE has issued a Request for Applications (RFA) for projects that develop or expand renewable energy systems, energy efficiency projects, energy conservation, and manufacturing of components of renewable energy systems in Nevada. Applicants may apply for a minimum of $100,000 and a maximum of $1,000,000. Loan terms will be less than 15 years with an interest rate of three percent. Interested parties should fill out the application below and mail it to the NSOE with the necessary attachments.

• Revolving Loan Application Phase Two (PDF)
• Revolving Loan News Release Phase Two (pdf)
• Revolving Loan Request for Applications Phase Two (pdf)

Projects