Guidelines For $80 Million In Solar Funding Approved

Commonwealth Financing Authority this week approved guidelines for how businesses, economic development organizations and political subdivisions can apply for a share of a new $80 million program for solar energy.

 

The program is designed to advance projects that generate and use solar energy, or that manufacture and assemble solar equipment.

 

“Having this plan in place is a major step forward in creating jobs, expanding Pennsylvania’s manufacturing base and producing environmentally friendly, home-grown energy,” said Gov. Rendell. “There are tens, if not hundreds, of millions of dollars in solar energy projects now looking for a home. Other states and nations are competing for those projects and the good jobs they’ll create.

 

“Now, we’re in a better position to attract many of those projects to Pennsylvania, creating more jobs here and retaining our place as a world-class leader in clean, renewable energy development.”

 

The program is one component of the $650 million Alternative Energy Investment Fund that Gov. Rendell signed into law in July. The fund is expected to create at least 10,000 new jobs and attract more than $3.5 billion in private investment to Pennsylvania.

 

Other Alternative Energy Investment Fund programs are in development. Of the $650 million fund, $500 million will be bond financing provided through the Commonwealth Financing Authority.

 

Projects eligible under the guidelines approved today include those that generate, distribute or store solar energy, or facilities that manufacture or assemble solar panels or other solar equipment. Developing or building facilities for research and development purposes also are eligible.

 

Under the guidelines, applicants must provide evidence of at least $1 in matching funds for every $1 of program funds awarded by the Commonwealth.

 

Solar energy generation or distribution projects and solar R&D facilities are eligible for loans of up to $5 million or grants of up to $1 million. Companies that manufacture solar components for renewable-energy generation equipment may receive loans of up to $35,000 for every new job they project to create within three years after being approved; they may receive grants of up to $5,000 for each new job created. The CFA is also making available guarantees of up to $5 million.

 

The program is administered jointly by the departments of Community and Economic Development and Environmental Protection under the direction of the Commonwealth Financing Authority.

 

Program inquiries should be directed to: Department of Community and Economic Development,

Center for Business Financing – Site Development Division, Solar Energy Program, Commonwealth Keystone Building, 400 North Street, 4th Floor, Harrisburg, PA 17120-0225, or send email to: ra-dcedcbf@state.pa.us.