NOPEC to offer low-interest loans to commercial property owners

Northeast Ohio Public Energy Council, commonly known as NOPEC, will offer new U.S. Department of Agriculture low-interest loans.

According to a news release, the loans, called NOPEC’s Saving Through Efficiency Program, or STEP, are for owners of commercial property for energy efficiency property improvements.

NOPEC is the first Ohio organization to offer the funds, which are made available through the USDA’s Rural Energy Savings Program, to “help small businesses lower their energy consumption and costs through energy-efficient upgrades,” the release said.

The program can finance projects from $5,000 up to $100,000 with a fixed three percent interest rate, according to the release.

Examples of eligible projects include interior and exterior lighting, windows and doors, insulation, and HVAC, as well as other renewable energy projects such as geothermal and solar water heating systems, the release said.

The program is open to commercial properties located within a NOPEC member community including private sector office, retail and industrial and public-sector facilities — such as government, health care, education — as well as apartment buildings with more than four units, according to the release.

“This is another community and economic development tool NOPEC offers our member communities and businesses,” said Georgine Welo, vice chairman of NOPEC’s Board of Directors and mayor of South Euclid. “In addition to saving money on energy costs, it promotes investment in the buildings within our communities.

“Long-term investment and energy savings is a win-win for the building owner and the community.”

For larger projects at commercial properties, NOPEC offers financing of $100,000 to $500,000 through its PACE lending program, also known as Property Assessed Clean Energy, the release said.

“We are excited to be able to offer property owners and governments in our member communities these attractive financing options to enable energy-efficiency upgrades at their facilities to help them save money on their energy costs into the future,” said Ron McVoy, chairman of the NOPEC board of directors and a North Kingsville Village councilman. “This is a valuable member benefit for our NOPEC communities and the businesses in our footprint.”

The release advises that in addition to these two lending programs, NOPEC also awarded $6 million earlier this year to member communities enrolled in their gas and/or electric aggregation to implement energy efficiency or energy infrastructure projects through the NOPEC Energized Community grant program.

Anyone interested in the STEP program is asked to look for the Savings Through Efficiency Program button on nopec.org.

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