Cuyahoga County has struck a deal to offer loans for energy-efficiency projects. ideastream’s Nick Castele reports the money will help companies upgrade their heating and lighting systems.
The program would help businesses to replace old air conditioners, heaters and light bulbs with newer models that save energy. Companies could even take out a loan to power their buildings with solar panels.
The county is hiring a Minnesota-based company called Eutectics to finance these projects.
CEO Jeremy Kalin said Eutectics aims to finances as much as $120 millioin in projects throughout the county.
"What we find is that doing the hard work and showing those first dozen or two dozen projects really helps building an appetite for making that $120 million achievable very quickly," he said.
On the other hand, the share of taxpayer money involved is relatively small: $225,000.
County Sustainability Director Mike Foley said the county hopes to make that money back by receiving a 1 percent cut of each financing deal.
"Look, it’s not going to solve all of our emission problems, C0 2 problems in the community," Foley said. "But it'll be helpful, and it'll help, I think, create kind of a new dynamic in the community where this becomes more normal, where energy efficiency becomes more normal, solar panels become more normal.”
Foley says businesses, governments and other groups will have a shot at the money—but he hopes to add homeowners to the list, too.
