The Arkansas Energy Office, a division of the Arkansas Economic Development Commission, today announced it is expanding the Industry Energy Technology Revolving Loan (IETL) program for certain commercial companies and private hospitals to implement energy efficiency programs in Arkansas.
Due to its expanded scope, the name of the program will be changed to the Arkansas Energy Technology Loan program.
Currently $3.5 million is available for loans, an effort funded through the American Recovery and Reinvestment Act. Additional finance sources can be bundled with the loans to leverage larger projects.
Projects that may be funded include:
- Replacing low efficiency equipment, such as turbines, motors, lighting and HVAC
- Installing renewable energy systems such as the installation of wind, solar or bio-mass
- Recycling waste heat
- Implementing projects that result in a reduction in energy demand
- Improving a power factor resulting in the removal of a utility penalty
“The commercial and medical areas comprise more than 14 percent of Arkansas’s overall energy use,” said AEO Director Chris Benson. “By expanding the IETL program to include them we will be able to have a greater effect on energy efficiency in Arkansas.”
Applications and requirements are available on the Arkansas Energy Office website at www.arkansasenergy.org/industry.