The Palm Beach County Revolving Energy Fund Loan Program is a financing tool under the $6,587,000 Energy Efficiency & Conservation Block Grant (EECBG) program authorized by the U.S. Department of Energy, and administered by the Palm Beach County Department of Housing and Economic Sustainability (HES) to promote energy efficiency and cost savings.
Mission of the Program:
The mission of the Revolving Energy Fund Loan Program is to enhance the overall quality of life in Palm Beach County and to improve energy efficiency by enabling the business community to invest in energy conservation measures, saving business & environmental resources. Palm Beach County's priorities include increased investment in energy efficiency along with job creation & retention.
Target audiences are private, for-profit businesses that have been operational for at least two years, and non-profit economic development organizations with projects involving the renovation/construction of their commercial/industrial buildings.
Based on results of an energy audit, including, but not limited to acquisition and installation of:
- Energy efficiency equipment such as Energy Star rated appliances and renewable energy products;
- Installation of insulation; efficient lighting; heating, venting, and air condition (HVAC); high-efficiency shower and/or faucet upgrades; weather sealing; and the replacement of windows and doors.
- Cost of Energy Audit(s). Borrowers shall be required to obtain an energy audit from a recognized business or any combination of electric utility experts, water and wastewater facility staff, professional organizations or individuals, trade associations or certified Energy Service Contractors or specialists. DES shall be the final arbiter in determining the competence and professional credentials of the individual or firm selected by the borrower in conducting the energy efficiency audit. Only work, materials and equipment identified by the Energy Audit will be eligible for funds.
- Fees & Closing Costs. The cost of the environmental review, if any, architectural, engineering and environmental fees and soft costs associated with the closing of all loans.
Rate and Term of Loan
The interest rate on the Revolving Energy Fund (REF) Loans will be fixed at 3% for the term of the amortized loan with loan term based in part, on the energy savings payback period (determined by the energy audit), not to exceed 10 years.
Loan Amount and Required Owner's Equity
- For any given project, the minimum loan request is $15,000 and the maximum loan request is $150,000 with the REF Loan being 90% or less of the total project cost.
- Exceptions to the maximum loan amount shall require the approval of the Loan Review Committee and the Palm Beach Board of County Commissioners.
- Revolving Energy Fund (REF) Loans will be the source for up to 90% of the cost of energy retrofits and/or renewable energy additions (identified by an energy audit) to existing structures which house businesses participating in the program. The balance of the funds required to complete and pay for 100% of the retrofits and/or renewable energy additions will come from a combination of the business owner's equity and funding from other sources, such as other loan programs currently being administered by DES, financial institutions with which the owner has existing accounts, lines of credit, etc.
Please contact the Department of Housing and Economic Sustainability for more information or to discuss potential projects:
Sherry Howard, Director 561-233-3653
Carol Thompson, Special Projects Manager 561-233-3674
Revolving Energy Fund Loan Brochure
Revolving Energy Fund Loan Application
Revolving Energy Fund Loan Document Checklist