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June 09, 2024 | Tom Ballard

DOE awards funds to TN for a new revolving loan fund

The funding will help local governments achieve their goals for efficient, clean, affordable, and resilient buildings.

The U.S. Department of Energy (DOE) announced on Friday six awards, totaling approximately $45 million, from the Energy Efficiency Revolving Loan Fund Capitalization Grant (RLF) Program.

The six awardees include the State of Tennessee which will create a new revolving loan fund for local government buildings that will help achieve goals for efficient, clean, affordable, and resilient buildings. The state will provide a grant opportunity for small businesses and homeowners. Tennessee will deploy RLF funds alongside Energy Efficiency and Conservation Block Grant (EECBG) funds.

The overall program, supported by the Bipartisan Infrastructure Law, provides funds that allows states and territories to provide loans and grants to residents for energy efficiency audits, upgrades, and retrofits. The RLF program will enable states to access capital to fund energy efficiency projects and will encourage financial institutions to enable American families and small businesses to save money and reduce their energy costs. Together with other DOE initiatives, this program will help communities benefit from the clean energy economy, improve the comfort of homes and buildings, and support administration’s climate goals of reducing emission by 50 to 52 percent by 2030 and achieving a net-zero economy by 2050.

Other awardees include the District of Columbia, Illinois, Indiana, Pennsylvania, and Vermont.

Noting that last Friday’s announcement was the first in a planned series of funding awards, DOE expects to announce additional awards later this year. In total, the RLF Program will provide $242 million to awardees to capitalize energy efficiency revolving loan funds, with 40 percent of the funds allocated to all states, territories, and the District of Columbia, and 60 percent of the funds reserved for priority states as defined in the Bipartisan Infrastructure Law.

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