Energy Efficiency & Electrification (E3) Loan Program

The E3 commercial financing program is available to all-requirements cooperatives to facilitate the installation of high efficiency equipment, and to support beneficial electrification projects of CI&A members, resulting in net carbon reduction and new energy sales.

Minimum Loan Amount

The minimum loan amount is $50,000 per project. However, the total outstanding balance of loans for all projects by the same owner/entity and located in the same location is limited to eighty percent of the total project costs up to a maximum of $350,000.

Maximum loan amounts

Applicants may apply for the cost of the equipment (including installation) with a maximum loan of $350,000 per project. Projects exceeding the $350,000 will be considered on a case-by-case basis.

Interest rates

The interest rate on Great River Energy’s loan will not exceed three percent, but could be as low as zero percent depending on the level of energy savings or new energy sales resulting from the project.

Eligibility

Great River Energy’s all-requirements cooperatives, with loan proceeds going to support CI&A member energy efficiency and electrification projects.

Ineligible Uses:

• Debt refinance and/or working capital are not eligible.

Loan Terms:

Loans are structured as a pass-through loan to the member cooperative.

The E3 loan is limited to eighty percent of the total project costs up to a maximum of $350,000. The interest rate on Great River Energy’s loan will not exceed 3%, but could be a low as 0% depending on the level of energy savings or new energy sales resulting from the project.

The interest rate and repayment terms to the ultimate recipient business shall be the same as Great River Energy’s, although the member cooperative may charge up to one percent annually for loan servicing.

The maximum loan term is ten years.

Eligible Uses/Qualifying Projects:

Please note: Equipment financed through this program is not eligible for CIP rebate funds.

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