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New fund commits $48 million to greening old Pennsylvania buildings

March 2nd, 2010

From Green Right Now Reports

Image: state.pa.us

Image: state.pa.us

A combination of federal and private sector funding will be the basis of Pennsylvania’s $48 million Green Energy Revolving Loan Fund, providing money for energy-saving and renewable energy projects in existing, non-residential buildings around the state.

The Recovery Act will contribute $12 million to the fund, while The Reinvestment Fund, TRF, will add $36 million and will serve as the program’s manager. Governor Edward Rendell cited TRF’s track record of investing in green and sustainable energy as key elements in the selection process.

Federal guidelines require any potential manager to contribute at least $18 million to the fund. TRF doubled that commitment.

The $48 million total investment is projected to support 500 jobs on projects designed to reduce energy consumption by nearly 800 billion British Thermal Units — enough to power more than 23,000 average homes in Pennsylvania for one year.

Prior to the new commitment, TRF has financed more than 2,526 projects in the Mid-Atlantic region, delivering $939 million. The Department of Environmental Protection and TRF are in the process of finalizing the fund’s guidelines.

“President Obama and Congress had the foresight to make renewable energy and energy conservation a key part of the federal Recovery Act because these are areas that are critically important to the nation’s future,” Rendell said. “This new revolving loan fund is the latest opportunity to be born of that wise decision and, under TRF’s management, the program will put hundreds of people to work incorporating green technologies into buildings that ultimately, will save consumers millions of dollars each year.”


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