State offers loans for energy efficiency projects
Monday, July 07, 2014
Article by Southeast Missourian
The Missouri Department of Economic Development announced Tuesday it is making available $7.5 million in low-interest loans to public schools, public or private colleges and universities, local governments, public water and wastewater treatment facilities, and public/private not-for-profit hospitals to complete energy-efficiency and renewable energy projects throughout Missouri.
The department's Division of Energy will accept loan applications through Oct. 31 for projects costing between $5,000 and $1.5 million. Loan applications will be evaluated on a competitive basis. If any funds are left over after applications have been reviewed and prioritized, consideration will be given to loans in excess of $1.5 million.
Amy Susan, director of marketing and communications for the Missouri Department of Economic Development, said in an email the division opens a new loan cycle every year.
The funds are made available through Missouri's Revolving Energy Loan Program, established in 1989 following the federal judgment against oil companies that exceeded price regulations in the 1970s. This was referred to as the Petroleum Violation Escrow (or PVE fund). A federal judge mandated that the funds be divided among the 50 states. Missouri chose to use the funds to establish a loan program.