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Renewable Energy and Energy Efficiency Project Financing

Eligibility 
Commercial
Industrial
Nonprofit
Schools
Institutional
Savings Category 
Solar - Passive
Solar Water Heat
Solar Space Heat
Geothermal Electric
Solar Thermal Process Heat
Solar Photovoltaics
Wind (All)
Biomass
Geothermal Heat Pumps
Combined Heat & Power
Daylighting
Clothes Washers
Dishwasher
Refrigerators/Freezers
Dehumidifiers
Ceiling Fan
Water Heaters
Lighting
Lighting Controls/Sensors
Chillers
Furnaces
Boilers
Heat Pumps
Air conditioners
Programmable Thermostats
Energy Mgmt. Systems/Building Controls
Building Insulation
Windows
Custom/Others pending approval
Yes; specific technologies not identified
Wind (Small)
Fuel Cells using Renewable Fuels
Other Distributed Generation Technologies
LED Lighting
Commercial Refrigeration Equipment
Program Info
Sector Name 
State
Administrator 
Illinois Finance Authority
State 
Illinois
Program Type 
Bond Program
Rebate Amount 

Varies by project

Summary 
The Illinois Finance Authority (IFA) is a state conduit issuer of tax-exempt bonds and credit enhancement for projects in Illinois. IFA funding is available to commercial and 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, geothermal, and "other alternative sources of environmentally preferable energy." Transmission lines and associated equipment used to transfer electricity created by renewable energy and renewable energy storage technologies are also eligible.