Cumberland Area Economic Development Corporation (CAEDC) is the lead economic development organization in Cumberland County. Our Cumberland Revolving Energy Loan Fund (CRELF) is used to assist businesses looking to invest in the installation of small renewable energy sources to existing or new buildings, as well as retrofitting existing buildings or facilities with energy efficient equipment as detailed below.
ELIGIBLE PROJECTS
- Retrofits of existing buildings or facilities (commercial or industrial) with energy efficient equipment (insulation, LED lighting, HVAC upgrades, weather sealing, replacement of windows and doors, etc.). It does not include massive expansions of buildings or facilities.
- For historic structures, it may be necessary that the retrofits maintain the building’s historic character (e.g., replacement of windows and doors with appropriate designs).
- Installation of small renewable energy sources located on existing or new buildings.
- Photovoltaics – appropriately sized units on existing rooftops and parking shade structures, or 60kW systems or smaller installed on the ground within the boundaries of an existing facility.
- Wind turbines – 20kW or smaller.
- Solar thermal hot water – appropriately sized units for small commercial buildings.
- Geothermal heat pumps – 10 tons of capacity or smaller.
- Geothermal power plants – 300kW or smaller (factors such as open or closed loop and fluid type play a role)
- Combined heat and power systems – systems sized to boilers appropriate to the buildings in which they are located.
ELIGIBLE BORROWERS
- For-profit businesses
- Sole proprietorships
- Developers
- Non-profit organizations
LOAN LIMITS
- $15,000 – $250,000
- CAEDC investment capped at 50% of total project cost, or $250,000 – whichever is less
TERM
- Interest rates are 4% below federal prime rate or 2%, whichever is higher, fixed for the life of the loan.
- 1% origination fee, half due upon execution of financing commitment letter, half due at closing. Annual servicing fees of 0.5% of the outstanding principal.
- No prepayment penalties.
- Land/Building – up to 10 years
- Machinery/Equipment – up to 7 years, or the useful life of equipment, whichever is less.
