Harrisburg, PA – Governor Tom Wolf announced today that the Commonwealth Financing Authority (CFA) recently reopened the Solar Energy Program (SEP) for applications, offering more than $30 million in loan funds to promote the use of solar energy in Pennsylvania.
“The Solar Energy Program provides loans to for an array of solar projects, including facilities to generate, distribute, or store solar energy; manufacturing or assembly facilities for solar panels and other solar equipment; and the development or construction of facilities for the research and development of solar energy-related technology,” said Governor Wolf. “These types of projects not only harness Pennsylvania’s solar resources to help accommodate the commonwealth’s energy needs, but also stimulate the economy and create jobs.”
Under direction of the CFA, the SEP is jointly administered by the Department of Community and Economic Development (DCED) and the Department of Environmental Protection. For solar equipment manufacturing projects, SEP will offer loans of up to $40,000 for every new job created within three years. For energy generation or distribution projects, SEP will offer loans up to $5 million or $3 per watt, whichever is less. SEP loans will be repaid over a period not to exceed 22 years for equipment and 15 years for real estate. Applicants must provide matching funds of at least $1 for every $3 of program funds awarded by CFA.
“Loans provided by the Solar Energy Program can be used for a range of project costs from the purchase and installation of solar equipment, to energy storage costs, to the purchase and installation of manufacturing or research equipment,” said DCED Secretary Dennis Davin. “The goal of this program is to promote the generation and use of solar energy, and by providing a project financing option that can be used for many types of expenses, SEP does just that.”
Applicants eligible for SEP funding include:
- Businesses – A corporation, partnership, sole proprietorship, limited liability company, business trust or other CFA-approved commercial entity. The term also includes not-for-profit entities.
- Economic Development Organizations – A nonprofit corporation or association whose purpose is the enhancement of economic conditions in their community
- Political Subdivision – A municipality, county, or school district
The first SEP approvals are anticipated for early 2017. For additional information on the Solar Energy Program, to review program guidelines, or to apply, visit dced.pa.gov.
MEDIA CONTACTS:
Mark Nicastre, Governor’s Office, 717.783.1116
Lyndsay Kensinger, DCED, 717.783.1132
Author: David Misner
