Energy Efficiency Business Loan Program
What is the City of Minneapolis Energy Efficiency Business Loan Program?
The City of Minneapolis, through the Business Finance Department of Community Planning and Economic Development (CPED), has established a low-interest loan program to assist Minneapolis-based businesses interested in reducing energy consumption. The City has partnered with the Center for Energy and Environment (CEE) to administer the program and provide financing for energy-efficiency projects in commercial properties. Funding includes a combination of a loan and forgivable rebate. The rebate will be calculated into the loan and paid out in monthly payment reductions.
- Rebate in the amount of 20% of project cost after utility rebates (not to exceed $5,000).
- Interest rate fixed for term of loan at 0%
- Maximum loan amount is $75,000
- Closing costs financed in loan
- Variable loan term up to 10 years
Eligible Improvements Include
- Lighting retrofits (lamps and/or ballasts only)
- Lighting Fixture Replacement and Control Upgrades
- HVAC (Heating, Ventilating and Air Conditioning) Controls Upgrades and Retrocommissioning
- HVAC Equipment Replacement
- Envelope Air Sealing
- Insulation, Windows or Doors
- Refrigeration Controls Upgrades (where refrigeration is present)
- Refrigeration Equipment Replacement
- Other energy-efficiency improvements recommended by CEE and approved by CPED
All Energy Efficiency Business Loan recipients must
- Use contractors licensed in Minneapolis.
- Meet Minneapolis City codes for all rehab work or equipment installations.
- Comply with Minneapolis zoning ordinances.
- Comply with all federal, state and local laws and regulations including Davis Bacon Act and Historic Preservation Act.
How to Qualify
Business must be located in the City of Minneapolis, apply and be approved by CEE for financing BEFORE beginning the project. Building owners may have to personally guaranty loan.
Center for Energy and Environment
Online information from the City of Minneapolis at MinneapolisMN.gov/CPED
Last updated Oct. 26, 2011