Home > News > Texas LoanSTAR (Saving Taxes and Resources) Revolving Loan Program
Texas LoanSTAR (Saving Taxes and Resources) Revolving Loan Program
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Name |
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Texas LoanSTAR (Saving Taxes and Resources) Revolving Loan Program |
Status |
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Active |
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Funding Mechanism |
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Loan fund |
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Duration |
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1989 - present |
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Objectives |
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To offer loans for energy efficiency retrofits. The revolving loan mechanism allows borrowers to repay loans through stream of costs savings generated by the funded projects. |
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Sponsors |
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Government- State Energy Conservation Office |
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Eligible Sectors |
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State Agencies, institutions of higher learning, school districts, and local governments. |
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Eligible Projects/Technologies |
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Projects financed include energy efficient lighting systems, high efficiency heating, ventilation and air conditioning systems, computerized energy management control systems, boiler efficiency improvements, energy recovery systems and building shell improvements. |
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Fund Endowment |
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The Oil overcharge in 1976/US$ 98 million |
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Terms |
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-Funding Instruments |
Loans |
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-Interest Rates |
Interest Rates are currently set at 4.25% APR for state agencies and institutions of higher education and 4.04% APR for school Districts. |
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-Payback |
8 Years and is being changed to 10 years. |
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-Size |
From US$ 10,000 to US$ 5 million |
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-Collateral |
No |
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-Share of loan in project cost |
100 % |
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-Loan criteria |
There must be enough energy cost savings to repay the loan. |
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Comments |
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The 127 loans to public institutions have generated over US$ 100 million in documented energy cost savings. The US$ 123 million invested to date in LoanSTAR loans will save Texas taxpayers more than US$ 500 million over the next 20 years. Savings generated by LoanSTAR projects and building recommissioning efforts are currently accumulating at a rate of just over US$ 1 million per month |
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Sources |
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State Energy Conservation Office |
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