American Recovery and Reinvestment Act (ARRA) Better Buildings Program (through Southeast Energy Efficiency Alliance (SEEA)
The Town of Carrboro is providing loans to Carrboro businesses and non-profits with fewer than 50 employees to increase their energy efficiency. The current interest rate is 3% and the maximum loan term is 10 years. Loan applicants must give the town their previous 12 utility bills, and must agree to continue submitting their utility bills for 3 years after the work is complete so the town can measure the performance of the retrofits and the success of their program.
A wide variety of efficiency improvements are eligible for financing through this program. Participants are required to have an energy evaluation conducted by a program qualified assessor or contractor prior to submitting their loan application. The energy evaluation will identify the highest priority improvements, and the cost of the evaluation can be included in the loan amount. Solar hot water and photovoltaic (PV) installations are eligible for financing only if they are combined with energy efficiency improvements that are anticipated to yield 15% energy savings.
See website above for more information.
This Program is part of the U.S. Department of Energy's (DOE) Better Buildings Program. The DOE has awarded over $500 million in federal funds to more than 40 states, local governments, and organizations to administer local programs targeting a variety of building types. Combined, these local programs are expected to improve the efficiency of more than 170,000 buildings through 2013 and save up to $65 million in energy costs annually.