NC Electric Company Awarded USDA Loan for Energy Efficiency Projects
The U.S. Department of Agriculture (USDA) awarded NC Roanoke Electric Cooperative $6 million in loans to fund energy efficiency improvements.
The money was awarded to the Electric Cooperative under the new Energy Efficiency and Conservation Loan Program, which is designed to help consumers reduce energy bills through energy efficiency improvements and renewable energy systems.
The Energy Efficiency and Conservation Loan Program allows USDA Rural Utilities Service (RUS) borrowers to implement energy efficiency upgrades for consumers through the use of loans for energy audits and energy efficiency upgrades, including weatherization, HVAC improvements, high efficiency lighting and conversions to more efficient or renewable energy sources, such as consumer-scale solar power and ground source heat pumps. Business and residential consumers may not invest in in these projects because they lack access to capital or financing. This new loan program is designed to expand access to energy efficiency funding.
Roanoke Electric Cooperative will use the funding to finance improvements to HVAC systems, appliance replacements and building improvements for an average of 200 residential upgrades per year for four years. These loans will help reduce energy costs and improve the services within Roanoke's service territory. Roanoke's service territory includes both high poverty and out-migration counties.
North Arkansas Electric Cooperative also received loan funding. The company will use the $4.6 million it was awarded to fund geothermal and air source installations, energy efficiency lightning, and weatherization measures, including Energy Star windows and doors, insulation, efficient water heaters, and roofing. Financing will reduce energy costs for Arkansas consumers and improve the services within Arkansas Electric's service territory.