Twenty-eight communities will benefit from $8.5 million energy loans, save $1 million, create 205 jobs

March 31, 2015

JEFFERSON CITY, Mo.—The Missouri Department of Economic Development [DED] today announced that more than $8.5 million in low-interest energy loans has been approved by the state to assist 28 community organizations and institutions to make energy efficiency improvements and embark on renewable energy projects. These energy projects will result in the savings of nearly $1 million and are expected to create 205 energy-related jobs. 
 
“Missouri’s energy efficiency programs not only help communities save money and reduce energy usage, but they spur economic growth throughout the region,” said Mike Downing, director of DED. “These dollars will go directly into the community and will create local jobs in the energy solutions industry and beyond.”
 
DED’s Division of Energy authorized $8.5 million in low-interest loans to 11 city governments, 13 schools or school districts, two institutions of higher education, one county government, and one hospital. Project plans include lighting upgrades, heating and cooling system replacements and solar energy installations. These improvements are expected to reduce electricity by almost 9.7 million kilowatt hours and carbon dioxide pollution by more than 7,300 metric tons—the equivalent to the pollution produced by 1,539 passenger vehicles.
 
Once these systems are fully operational and the loans are repaid, taxpayers in these communities are expected to save $1 million annually. The duration of these loans ranges from seven to ten years. The Missouri Economic Development Research Information Center expects the 28 energy improvement projects to serve more than 64,000 Missourians and create more than 205 new jobs to design, install, retrofit, and build the projects throughout these communities. 
 
Improving energy efficiency has been a central focus of Gov. Nixon’s efforts to become more energy independent and to grow the economy. Since the Governor’s Strategic Initiative for Economic Growth recommended supporting the energy solutions industry, the Governor has championed many energy efficiency initiatives, including signing landmark  legislation in 2009 that gives electric utilities an incentive to increase energy efficiency, transferring the Division of Energy to the Department of Economic Development to streamline business resources, and signing an executive order directing state agencies to reduce energy use by two percent each year.
 
Since the Energy Loan Program’s inception in 1989, the Division of Energy has awarded more than 560 loans, which has resulted in nearly $97 million in completed energy-efficiency projects and more than $175 million in estimated cumulative energy savings. Through the department’s Division of Energy, low-interest loans are provided to public schools, local governments, colleges, universities, and public and private not-for-profit hospitals to help reduce energy costs.  Loan financing may be used for various energy-saving investments, including upgrades in insulation, lighting systems, heating and cooling systems, windows, combined heat and power, renewable energy systems and other items that affect energy use. 
 
For a list of recipients or to learn more about the Energy Loan Program, please visit http://energy.mo.gov/energy/communities/assistance-programs/energy-loan-program or contact the Missouri Department of Economic Development’s Division of Energy at 573-751-2254 or toll-free at 855-522-2796.
 

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