Considering Measures to Reduce Energy Consumption? Ohio Adds Another Incentive

Energy expenditures are receiving increased scrutiny by business owners. Many are upgrading inefficient HVAC and lighting systems or installing renewable energy technology such as solar panels and wind turbines. In addition to tax incentives and utility rebates for these technologies, the State of Ohio now offers one more inducement…low-interest financing.

On December 15, 2011, the Ohio Department of Development launched the Energy Loan Fund, which provides low-cost financing to manufacturers, small businesses, public entities, and nonprofit organizations for energy-saving projects. All projects must demonstrate a reduction in energy usage and associated costs, avoidance of fossil fuel emissions, and the creation or retention of jobs. The Energy Loan Fund is structured to encourage investment in technologies that reduce energy consumption and manage energy costs. Projects must realize a minimum of 15 percent reduction in energy usage, achieve economic benefits, and improve environmental quality.

The following is a link to the program and eligibility guidelines:

http://development.ohio.gov/Energy/Incentives/EnergyLoanFund.htm.
 

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Bober Markey Fedorovich has a team of professionals devoted to identifying incentives for energy-saving projects, is an advocate of Green building practices, and has a board member on the Northeast Ohio Chapter of the U.S. Green Building Council. If you would like to learn more about the program, please contact:

Alex Bagne, JD, MBA, CPA
Senior Manager, Tax Department
330.255.2404
Email