News Release 147
Missouri Department of Natural Resources Accepting Energy Conservation Loan Applications from Schools and Local Governments
Volume 38-147 (For Immediate Release)
Contact: Kerry Cordray
JEFFERSON CITY, MO, MARCH 23, 2010 -- Saving energy means saving money, and the Missouri Department of Natural Resources wants to help local Missouri city governments, county governments, school districts and public colleges and universities do both by providing $10 million in no-interest loans for energy conservation projects.
The department’s Division of Energy is now taking applications for the department's Energy Revolving Fund loan program, which makes low-interest loans for qualifying energy conservation projects. Loan recipients then repay the loans from the energy savings they experience after the projects are completed. Past energy loans have funded heating and air conditioning upgrades, lighting improvement, insulation and window replacement.
The Energy Revolving Fund loan program helps lower the impact of high energy costs on Missouri cities, counties, schools and other public institutions. Energy efficiency improvements accomplished through these loans save taxpayers money, and help each school or community redirect the energy savings toward other priorities and needs.
During calendar year 2010, the department plans to offer a total of $10 million in two separate competitive loan program cycles, one in the spring and another in the fall. For each cycle, the department plans to make $5 million available for loan financing of energy-efficiency projects. Each applicant in each cycle may apply for a loan not to exceed $1 million. Applications will be accepted on the current loan cycle through April 30.
Loan applications will be judged based on a competitive basis. Those with the quickest payback time based on project cost versus anticipated energy cost savings will receive first consideration.
Applications and additional information are available on the department's website: dnr.mo.gov/energy/financial/loan.htm. Applications are due by April 30, with funding announcements to be made in June.
The Division of Energy has loaned more than $80 million throughout Missouri since 1989. The cumulative energy savings resulting from more than 440 energy loan-financed projects are estimated at more than $146 million.