Biden-Harris Administration Announces $250 Million To Finance Energy Efficiency Upgrades For American Families And Businesses – Energy.gov

by | Nov 15, 2022 | Energy

WASHINGTON, D.C. — The Biden-Harris Administration, through the U.S. Department of Energy (DOE), today announced it is accepting applications from all 50 states, five U.S. territories, and the District of Columbia for $250 million in formula funding through the Energy Efficiency Revolving Loan Fund Capitalization Grant Program. Established by President Biden’s Bipartisan Infrastructure Law, grants provided through this program will enable states and territories to establish revolving loan funds to invest in energy audits and energy efficiency upgrades and retrofits of commercial and residential buildings. This program is advancing President Biden’s priorities to build an equitable clean energy economy, while ensuring energy affordability, creating good-paying jobs, and advancing energy justice and economic gains for historically disadvantaged communities. “Energy efficiency is one of the most cost-effective and easiest to deploy solutions we have to combat climate change and reduce energy costs,” said U.S. Secretary of Energy Jennifer Granholm. “By expanding access to energy efficiency upgrades for American families and small to medium-sized businesses, we will generate energy savings and deliver cleaner air, helping states and historically underserved communities experience the broad benefits of energy efficiency.” 

A recent DOE study finds energy efficiency loans for residential customers are generally low risk and historically have been repaid at a high rate, signaling that energy efficiency loans are safe and effective investments for lenders and customers alike. A revolving loan fund is an “evergreen” source of funding for energy efficiency and clean energy projects, as money received from repaid …

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