Through the end of 2016, the Virginia SAVEs program closed six energy efficiency loans and saved borrower’s over $6 million in interest costs over the life of their project.
The program is still accepting new applications for projects in 2017. This is a great opportunity to significantly lower the borrowing cost to finance commercial scale energy efficiency, renewable energy, and alternative fuel projects in Virginia. Both private borrowers and local governments are eligible to use the program.
The interest rate subsidy is from the utilization of taxable Federal Qualified Energy Conservation Bonds (‘QECBs”) and historically the subsidy has averaged 3%. For example, if you finance an energy project at 5%, and access the subsidy, the borrower’s net interest rate is 2%.
Please inform the large energy users about this opportunity. Large alternative fuel vehicle and infrastructure projects are eligible for these loans.
Learn more about the program here: www.vasavesgcp.com or contact Bill Greenleaf directly 804-939-6165
Review the attached case studies to learn how two schools utilized the interest rate subsidy from the Virginia SAVES program.
Vice President, Loan Officer
Virginia Community Capital, Inc.
100 West Franklin Street | Suite 200
Richmond, VA 23220