The California Energy Commission (CEC) announced that $3.6 million in loans are available to California municipalities to fund energy efficiency projects including LED streetlight deployments. The CEC low interest loan program features an interest rate of 3 percent.
Applications for these low-interest loans will initially be open to small cities and counties receiving Energy Efficiency and Conservation Block Grant (EECBG) funding directly from the CEC. On August 27, 2010, roughly 30 days after the initial announcement, all eligible California entities are allowed to apply for loans. Funds are limited, and will be awarded on a first come, first served basis, according to the CEC.
The maximum loan amount is $3 million and there is no minimum loan amount. The 3 percent CEC loans may be combined with other sources of funding.
According to the CEC, the goal of the low-interest loan program is to help California communities invest in energy efficient projects, save money and reduce greenhouse gas emissions. If additional funding becomes available, the CEC may increase the amount of funds available under the program.