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Loans
Energy Efficiency Improvement Program
Provides direct loans up to $75,000 at a fixed rate of 3% or two points below prime, whichever is greater, to provide capital to businesses to invest in energy efficiency and improve their profitability through reduced energy costs and enhance their ability to retrain and create jobs. Loan term is tied to payback of the improvement. All applicable utility rebates are applied to the principle of the loan.

Eligible uses: Facility systems optimization (commissioning/re-commissioning), facility systems control improvements, process efficiency improvements (CenterPoint Energy), lighting efficiency improvements, heating, ventilation and air conditioning system modifications, exterior envelope improvements, motor and pump efficiency improvements, ground-source heat pump systems wed to heat or cool a facility. installation of equipment or devices that we renewable energy sources to generate electricity or heat or cool a building including solar electricity (photovoltaic), wind turbine or solar thermal and other improvements as approved by the applicable utility provider.

Contact the Elk River Economic Development Department at 763.635.1000 for more information.

Property Assessed Clean Energy (PACE) Loans
The St. Paul Port Authority and Sherburne County offer this financing to businesses and homeowners for energy efficiency and renewable energy improvement like efficient lighting, heating and cooling, windows, insulation, geothermal energy and heat pumps. A voluntary assessment (typically up to 15 years) is added to the property tax bill with a set interest rate. The project cannot exceed 10% of the property’s assessed value.

Contact the Elk River Economic Development Department at 763.635.1000 for more information.