SB 94 - This act adds businesses seeking to make energy improvements as an additional eligible recipient of the low-interest loans available through the State Treasurer's linked deposit loan program. The act directs the Environmental Improvement and Energy Resources Authority (EIERA) to carry out some of the administrative duties, in cooperation with the State Treasurer's office, which include processing applications and determining participant eligibility. The act lists several criteria the EIERA must use in determining eligibility, including economic conditions of the project area and potential energy savings to be gained by the project. Loans are limited to $200,000 per project.
The act also directs the EIERA to administer an interest buy-down program, where it makes interest payments amounting to the difference between the going interest rate and 3% for loans made to businesses for energy improvements. Participants in the interest buy-down program must meet the same criteria as for participation in the linked deposit loan program, however, no participant can receive both the interest buy-down and a reduced-rate loan for the same project. The maximum interest buy-down per project is $30,000.
Energy audits are required to determine participant eligibility for both of the programs in the act.