Home > News > Maryland Community Energy Loan Program (CELP)
Maryland Community Energy Loan Program (CELP)
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Name |
Maryland Community Energy Loan Program (CELP) |
Status |
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Active |
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Funding Mechanism |
Loan fund |
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Duration |
1989 - Present |
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Objectives |
To provide funding to local governments and nonprofits organizations to reduce their operating expenses by identifying and installing energy conservation improvements |
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Sponsors |
The General assembly of Maryland authorized CELP |
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Eligible Sectors |
Nonprofits, including hospitals and private schools, or local governments, including public school systems and community colleges |
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Eligible Projects/Technologies |
Eligible projects must save energy, be performed in a building owned or leased by the applicant, be installed in a building that has existing heating and/or cooling systems, and have a simple payback of seven years or less. All costs necessary for implementing an energy conservation project can be considered for funding, including the technical assessment, reasonable fees for special services, plans and specifications, and the actual costs of construction |
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Fund Endowment |
US$ 3.2 million – Oil Overcharge Fund |
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Terms |
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-Funding Instruments |
Loans/ each applicant must make a contribution to the project |
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-Interest Rates |
Average interest rate is 3.5% but is negotiated for each loan |
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-Payback |
7 years simply payback |
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-Size |
US$ 30,000 minimum and US$ 400,000 maximum |
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-Collateral |
No |
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-Share of loan in project cost |
Up to 100% |
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-Loan criteria |
Allocation is based on a competitive system. |
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Comments |
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Sources |
Maryland Energy Administration |
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Contact Information |
Energy Dept.: ( 410) 260-7655 |
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