On Wednesday, July 11 the Arkansas Energy Office, a division of the Arkansas Economic Development Commission announced the launch of the Residential Energy Efficiency Loan Loss Reserve Program. The program will provide funds to participants offering residential on-bill re-payment or on-bill financing programs to their customers for energy efficiency improvements such as insulation, duct sealing and HVAC replacement.
Program participants include municipal utility districts, electric cooperatives of Arkansas, investor-owned utility providers and any credit union or other capital providing working with program participants.
The program has four goals:
- For energy providers to encourage residential investment in energy efficiency upgrades or improvements that reduce energy consumption.
- Reduce fossil fuel emissions while maintaining service level and delivery to ratepayers, and maximize benefits for local and regional communities.
- Reduce required energy production in the region through implements of demand side management.
- Improve energy efficiency of ratepayer’s residential building stock.
The initial program has $475,000 available. Funds are available on a first-come, first-serve basis. Applications will be reviewed based on responses to the application questions. Due to limited funding available, participants will be awarded access to funds on a competitive basis.
“We are very excited in the Arkansas Energy Office about this program,” said Sara Telano, AEO’s contracts and grant manager. “There is no question that Arkansans benefit from implementing residential energy efficiency measures and this program will offer resources to help make that happen even more. “
For more information and an application, visit www.arkansasenergy.org or call 800-558-4567.