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Renewable Energy and Energy Efficiency Project Financing

Eligibility 
Commercial
Industrial
Institutional
Nonprofit
Schools
Savings Category 
Heat Pumps
Lighting
Fuel Cells using Renewable Fuels
Photovoltaics
Solar Water Heat
Program Info
Start Date 

01/01/2010

State 
Illinois
Program Type 
State Bond Program
Rebate Amount 

Varies by project

Provider 
Illinois Finance Authority

The Illinois Finance Authority (IFA) is a state conduit issuer of tax-exempt bonds and credit enhancement for projects in Illinois. The IFA funding is available to commercial as well as non-profit entities as long as those entities meet strict eligibility criteria. In 2012, the legislature also added schools and community colleges to the list of eligible entities for energy conservation funding. Entities seeking funding must demonstrate that their projects provide a significant public benefit for the citizens of Illinois. In 2009, the IFA was authorized by legislation (S.B. 1906 and S.B. 390) to provide funding via issuance of tax-exempt bonds for renewable energy projects and energy efficiency projects.

For the purposes of this program, renewable energy projects include those that utilize wind, solar thermal energy, photovoltaic cells and panels, biodiesel, crops and organic waste biomass, trees and tree trimmings, hydropower, Illinois-produced landfill gas, and "other alternative sources of environmentally preferable energy." (This definition is from the Illinois Power Agency Act). In addition, transmission lines and associated equipment used to transfer electricity created by renewable energy, as well as renewable energy storage technologies are eligible.