Lower Cost for Lower Energy Use
Indiana fund provides low-interest loans for businesses and nonprofits for energy efficiency projects
Indiana businesses can save more money and save electricity thanks to a fund offering low-interest loans for energy efficiency projects.
The Indiana Energy Independence Fund (IEIF) offers Hoosier businesses and organizations loans with interest rates as low as 5.99% for up to $150,000 for energy efficiency projects. The funding can be used for LED lighting, high-efficiency heating and cooling systems, renewable energy projects and more. The project must be installed by a contractor approved by the National Energy Improvement Fund, which is involved with the new Indiana fund. The Indiana fund is developing additional financing options that may offer even lower interest rates.
“The marketplace is evolving. Solar projects and heat pumps are becoming prominent in Indiana,” IEIF Executive Director Alex Crowley said. “Indiana was becoming increasingly left behind when it came to the adoption and the kind of market readiness for some of those newer energy efficient technologies. That is the underlying motivation for having a green bank in Indiana.”
The projects can include renewables such as adding solar panel and battery storage systems to a school or business. Some projects cost more than $150,000, though the interest rate for that portion of funding financed through the Indiana fund is still below the market rate, said Chris Kerlin, contractor account manager for the IEIF.
The fund also approves contractors working on projects that receive funding to ensure quality. Some contractors directly contacted the IEIF to gain approval to then be able to offer financing to customers.
“Contractors see the advantage. A lot of customers, commercial and residential, don’t have that kind of capital just lying around,” Kerlin said. “For them to be able to offer financing makes it more likely for these types of projects to happen. That’s a big advantage for getting more business.”
Projects can leverage additional external funding sources in addition to the IEIF financing. Businesses served by Wabash Valley Power Alliance member electric cooperatives can leverage Power Moves® rebates for qualifying upgrades. The Power Moves team includes an engineer that can collaborate with businesses to help them reach their goals.
“We work with our member co-ops to offer Power Moves rebates to support energy efficiency upgrades that lower long-term energy costs for businesses and families,” said Laura Matney, strategic electrification and member relations manager for WVPA. “Businesses can be creative with IEIF low-interest financing and our business rebates to fund a substantial portion of projects that can really make a difference. It can benefit everyone involved.”
For details on the IEIF, visit energyindependencefund.org. You also can visit PowerMoves.com to learn more about Power Moves rebates, including for qualifying business projects.