Renewable Energy Program (REP) – Geothermal and Wind Projects
This program provides financial assistance to businesses and organizations in Pennsylvania for developing geothermal and wind energy projects, as well as supporting manufacturers of renewable energy equipment.
Description
The Renewable Energy Program (REP) provides financial assistance in the forms of grant and loan funds to promote the use of alternative energy in Pennsylvania. The program is administered jointly by the Department of Community and Economic Development (DCED) and the Department of Environmental Protection (DEP) under the direction of the Commonwealth Financing Authority (CFA). Commonwealth Financing Authority (CFA)
Financial Info:
Loans
Loans for component manufacturers of renewable energy generation equipment up to $40,000 for every new job created. Loans for geothermal systems or wind energy generation or distribution projects shall not exceed $5 million or 50 percent of the total project cost, whichever is less.
Grants
Grants for component manufacturers of renewable energy generation equipment up to $5,000 for every new job created. Grants for wind energy generation or distribution projects up to $1 million, or 30 percent of the total project cost, whichever is less. Grants for planning and feasibility studies up to 50 percent of the total cost of the planning project or $175,000, whichever is less.
Guarantees
Grants shall not exceed $5 million and have a term of not more than five years. In the event of a default, the grant will pay up to 75 percent of the deficiency.
Loans Loans Loans Loans for component manufacturers of renewable energy generation equipment up to $40,000 for every new job created. Loans for geothermal systems or wind energy generation or distribution projects shall not exceed $5 million or 50 percent of the total project cost, whichever is less. Grants Grants Grants Grants for component manufacturers of renewable energy generation equipment up to $5,000 for every new job created. Grants for wind energy generation or distribution projects up to $1 million, or 30 percent of the total project cost, whichever is less. Grants for planning and feasibility studies up to 50 percent of the total cost of the planning project or $175,000, whichever is less. Guarantees Guarantees Guarantees Grants shall not exceed $5 million and have a term of not more than five years. In the event of a default, the grant will pay up to 75 percent of the deficiency.