Arkansas expands energy loan program, changes name
Tuesday, October 19, 2010
The Arkansas Energy Office (AEO), a division of the Arkansas Economic Development Commission, today announced it is expanding the Industry Energy Technology Revolving Loan (IETL) program for certain commercial companies and private hospitals to implement energy efficiency programs in Arkansas.
Due to the expanded scope of the program the name will be changed to the Arkansas Energy Technology Loan program.
Currently $3.5 million is available. The program is funded through the American Recovery and Reinvestment Act. Additional finance sources can be bundled with the loans to leverage larger projects.
Many of the projects funded will save money long term but require an upfront investment, such as:
- replacing low efficiency equipment such as turbines, motors, lighting and HVAC
- installing renewable energy systems such as the installation of wind, solar or bio-mass
- recycling waste heat
- implementing projects that result in a reduction in energy demand
- improving a power factor resulting in the removal of a utility penalty
"The commercial and medical areas comprise more than 14 percent of Arkansas's overall energy use," said AEO Director Chris Benson. "By expanding the IETL program to include them we will be able to have a greater effect on energy efficiency in Arkansas."
Applications and requirements are available on the Arkansas Energy Office website at www.arkansasenergy.org/industry.
For more information on the revolving loan program, contact Jeff Seiter, Arkansas Energy Office Buildings and Industry Program Manager, at 501-682-8067.
The expanded eligible companies will have NAICS Codes of:
- 42 (Wholesale Trade)
- 44-45 (Retail Trade)
- 493110 (General Warehousing and Storage)
- 493120 (Refrigerated Warehousing and Storage)
- 493130 (Farm Product Warehousing and Storage)
- 551114 (Corporate, Subsidiary, and Regional Managing Offices)
- 551112 (Offices of Other Holding Companies)
- 621491 (HMO Medical centers)
- 622110 (General Medical and Surgical Hospitals)
- 622310 (Specialty (except psychiatric and substance abuse) Hospitals)
- 531120 (Lessors of non-residential buildings)
- 721110 (Hotels and Motels - except Casino Hotels)
- 722110 (Full-Service Restaurants)
- 722212 (Cafeterias)
- 722320 (Caterers)