The Renewable Energy Program offers loans, grants, and loan guarantees to commercial entities, industrial entities, non-profits, schools, individuals, and local governments to aid in the acquisition and installation of geothermal energy systems (as well as wind energy systems). Component manufacturers are eligible for loans up to $40,000 per new job created as a result of installation projects. Loans for geothermal system costs are available up to $5 million or 50% of the total project cost, whichever is less. Componenet manufacturers are also eligible for grants up to $5,000 for every new job created as a result of the project. Grants for feasability studies are capped at 50% of total project planning cost or $175,000, whichever is less. Loan guarantees are available up to $5 million for terms up to 5 years. The program will pay up to 75% of the deficiency if default occurs. All program funding has a 50% cost sharing requirement. Loans have a 1% commitment fee.
