Avista has submitted a proposal to the State of Washington Department of Commerce (DOC) for funding of a revolving loan fund as part of an energy efficiency audit and financing pilot project. The proposed project is a sustainable, two-part approach to energy efficiency for residents of the City of Spokane, City of Spokane Valley and Spokane County who are served by Avista.
Part one would offer residential and small business customers an energy audit performed by a certified energy auditor.
Part two would provide a revolving, low-interest loan fund to complement Avista’s energy efficiency incentives and federal tax credits, as a means for customers to finance recommended energy efficiency upgrades.
The proposal requests $2 million from the DOC to fund the revolving loan fund under the State Energy Program portion of the federal American Recovery and Reinvestment Act. The loan fund would be administered by the Sustainable Local Investment Partnership (SLIP), a non-profit partnership of area credit unions and banks. Avista would not receive dollars from the grant.
The energy efficiency audit and financing pilot project is a partnership of Avista, local governments (the cities of Spokane and Spokane Valley and Spokane County), workforce development agencies, banks and credit unions.
Specifically, the partnership would support the training and deployment of certified energy efficiency auditors to homes and small businesses within the cities of Spokane and Spokane Valley and in Spokane County that are Avista customers. Customers would have access to Avista’s rebates and incentives, as well as federal tax credits, to fund the recommendations for energy efficiency upgrades. The newly created revolving loan fund would provide low-interest loans to those needing assistance to meet the remaining costs of efficiency upgrades. As loans are repaid, funds become available for others to access for energy efficiency upgrades.
A decision from the DOC on the grant request is expected in September.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 353,000 homes and businesses and natural gas to 313,000 homes and businesses in three Western states, serving more than 492,000 customers. Avista’s primary, non-regulated subsidiary is Advantage IQ. Avista stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit www.avistacorp.com.
Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.
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