Light & Power and TC Chamber Team Up for Energy Loan Fund
TRAVERSE CITY, Mi.-- Local businesses looking to save money on energy costs can access a low-interest loan program through the Traverse City Area Chamber of Commerce in partnership with Traverse City Light & Power.
The utility approved $50,000 for the Chamber’s Energy Efficiency Revolving Loan Fund to promote and encourage energy savings among businesses in the utility’s service district. The program offers micro loans for companies to invest in energy efficiency measures identified through a comprehensive energy audit. Other details of the program are still being finalized.
Laura Galbraith, the Chamber’s Vice President of Administration, said Light & Power funds will replenish a revolving loan program that’s already launched several local energy efficiency projects that helped companies save on energy costs. It also helps the utility by reducing its peak load demand during high energy use periods. The Chamber originally committed $50,000 toward the effort.
“It had been so successful but we needed to find another source of capital,” Galbraith said. “This will allow us to continue helping local employers reduce their energy costs.”
Eligible companies must be commercial or industrial customers of Light & Power and members of the chamber. Applications will be reviewed by a Loan Review Task Force with a primary goal of reducing electric use during peak demand periods for Light & Power.
Loan conditions will vary based on the proposed projects. Terms will be for up to five years at an interest rate of 3 to 5 percent.
“This will provide great support for our current energy optimization program,” said Light & Power Board Chairman Pat McGuire, “by allowing customers to secure loan funding for energy efficiency improvements and then quickly see benefits in the form of lower electricity payments.”
More information on the program is available on the Chamber’s website at www.tcchamber.org at the “Need Money?” link or by contacting Galbraith at (231) 995-7110.