Green Energy Loans
Illinois business owners, non-profit organizations, and local governments seeking loans for certain energy efficiency and renewable energy upgrades may apply for a rate reduction, under the Green Energy Loan program through the Illinois State Treasurer’s Office, in partnership with eligible banks in the state (loan seekers are encouraged to verify if the eligible are actively participating in the program). Loan amounts range from $10,000 to $10 million.
To qualify, the project must be located in Illinois and meet one of the following four criteria:
- Participation in a state or utility administered efficiency program (ComEd, Ameren, or Dept of Commerce and Economic Opportunity); or
- Have a contract with an Energy Service Company (commonly referred to as ESCO); or
- Have a LEED Certified Professional working on the project with the intent to pursue LEED Certification; or
- Have a plan to install renewable energy system.
The first step is to apply for and receive a loan from a participating, eligible bank for a comprehensive energy efficiency project and/or renewable energy system. After receiving approval, the participating lending bank applies for the rate reduction from the Illinois State Treasurer’s Office, using the Green Energy Loan application. If approved, the Treasurer’s Office will then deposit state fund in the bank, and the bank will pass along the rate reduction. The actual rate reduction varies depending on the bank. Interest rates are updated daily on the Treasurer’s web site.
Please visit the Illinois Green Energy Loans overview for more information.