Clean Energy Financing
The TDEC Office of Energy Programs (OEP) supports and promotes several clean energy financing programs. Projects financed by these programs include energy efficiency upgrades, renewable energy power installations, and more.
Energy Efficiency and Renewable Energy Loan Program
The Energy Efficiency and Renewable Energy Loan Program launched in 2010 to assist Tennessee entities in implementing energy efficiency and renewable energy improvements. Pathway Lending, a US Treasury certified community development financial institution, oversees the $29 million revolving loan fund. Eligible projects under the Program include, but are not limited to: energy efficient equipment upgrades; lighting; building envelope retrofits; renewable energy installations; and more. Qualifying entities can apply for loans between $20,000 and $5 million.
Qualified Energy Conservation Bonds (QECBs)
QECBs are low-interest federal bonds (via subsidy) that were available for issuance for qualified energy efficiency, renewable energy, and energy conservation capital projects. Under Tennessee statute, OEP is tasked with serving as the coordinator and administrator of the State’s QECB program in partnership with the Tennessee Local Development Authority. Although QECBs are no longer available, OEP continues to collect and report on data related to previously issued QECB projects. Learn more about these projects here.
TVA’s EnergyRight for Business & Industry
As businesses look for ways to promote customer and workforce safety during the COVID-19 pandemic, many are considering adoption of ultraviolet germicidal irradiation (UVGI) technologies that can be used for disinfection. The Tennessee Valley Authority’s (TVA) EnergyRight Business & Industry program is currently offering incentives to qualifying companies at $30.00 per ton for duct-mounted UVGI systems installed. TVA will update its incentives as it identifies more opportunities to help the Valley recover from COVID-19 and so encourages companies to check back for other offerings in the future. Visit the EnergyRight page to learn more.
Rural Energy for America Program (REAP)
Each year, the U.S. Department of Agriculture provides loan financing and grant funding through REAP to agricultural producers and rural small businesses for renewable energy systems and energy efficiency improvements. Funds may be used for a variety of energy efficiency projects, including insulation, lighting, replacement of doors and windows, and more. Funds may also be used for the acquisition and installation of renewable energy systems, including biomass, geothermal, hydropower, wind, and solar. Visit the REAP webpage to learn more.
Residents in the Southeast face historically high rates of poverty, and low-income families often live in homes that are inefficient, uncomfortable, and, in many cases, unhealthy for occupants. Despite TVA’s low residential energy rates ranking in the top quartile nationally, disproportionately high electricity usage represents an even greater burden to low-income families who spend a greater proportion of their resources on electricity. This page contains resources on the Home UpLift program and how it addresses energy affordability for low-income families.
TVA's EnergyRight for Business & Industry photo, "Energy Audit," by Dennis Schroeder, NREL. All other photos courtesy of TDEC OEP staff, Wikimedia Commons, or Pixabay.com.