Last Updated September 24, 2021
Program Overview
Category:
Financial Incentive
State:
South Carolina
Incentive Type:
Loan Program
Administrator:
South Carolina Energy Office
Start Date:
N/A
Expiration Date:
N/A
Applicable Sectors:
N/A
Eligible Renewable/Other Technologies:
N/A
Summary
The Energy Efficiency Revolving Loan Fund is administered by the Business Development Corporation via a contract with South Carolina Jobs-Economic Development Authority. The primary target of this program is business and industry, although utilities, non-profits and government entities may be eligible under certain circumstances.
The general amount of funds loaned per project is between $50,000 and $1,000,000, although exceptions can be made. The loans are to be paid back after one and one half times the projected payback period of the loan (e.g. a borrower has 6 years to pay off a loan with a 4 year projected payback). The maximum loan term is 10 years. Interest rates will vary depending upon the transaction.
To apply for funding, applicants must first commission a technical analysis by a Professional Engineer, a Certified Energy Manager, or an Accredited Commercial Energy Manager to identify the most cost-effective energy measures to install. The applicant should then use the technical analysis to step is to complete the application and then submit both the application and the analysis.