Clean Energy Fund: Nonprofit Revolving Loan Funds

Washington State's Clean Energy Fund supports the development, demonstration, and deployment of clean energy technologies. The Clean Energy Fund supports grants to electric utilities for demonstration of new technologies, research and development grants, Renewable Energy Manufacturing, and grants to nonprofit leaders. Grants to nonprofit leaders support revolving loan funds that fund provide capital for homeowners, commercial building owners, multifamily housing, nonprofits, and community solar projects. The Clean Energy Fund has provided $9.7 million in grant awards to three nonprofit lending institutions: Craft3, Puget Sound Cooperative Credit Union (PSCCU), and the Washington State Housing Finance Commission. The grants will capitalize separate revolving loan funds managed by each entity. Craft3 will use the grant to leverage its Future Energy Loan Fund to provide financing for commercial clean energy projects. Loans may be up to $5 million, have terms of 3 - 7 years, a 2% loan fee, and interest rates that vary by project risk. For more information or to apply, visit the program website.PSCCU's grant supports its Energy Smart program, which provides loans up to $50,000 to homeowners for energy efficiency improvements. Current rates range from 4.25 - 8.74% with terms up to 15 years. For more information, visit PSCCU's website.Funding for the Commission will augment its Sustainable Energy Program to provide financing for energy retrofits in apartment buildings and nonprofits, as well as community solar projects. Loans are available up to $1 million at below-market interest rates for terms up to 10 years. The Clean Energy Fund has been funded by the Legislature over the last two biennial capital budgets. The $9.7 million allocation represents the state's investment for 2015-2017, which will be leveraged by private investment.