The Division of Energy within Virginia’s Department of Mines, Minerals, and Energy (“DMME”), based on authority granted under Governor of Virginia’s Executive Order 36, has established the VirginiaSAVES Green Community Program. VirginiaSAVES (which stands for Sustainable, Verifiable Energy Savings) is a unique public/private partnership sponsored by the DMME to provide subsidized financing for energy efficiency, renewable energy, and alternative fuel loans for both private and local government properties and entities within the Commonwealth of Virginia. DMME has initially capitalized the Program with $20 million of Qualified Energy Conservation Bonds (“QECBs”) allocated to the Program under the Executive Order, with the ability to provide more QECB allocations as needed from additional QECBs available within the Commonwealth. The benefit of using the QECBs to fund the Program is that they offer a direct pay credit subsidy from the U.S. Treasury to offset the interest rate on the financing, with this Credit Payment historically being between 2-3% and fixed over the life of the financing of up to 20 years or longer.
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