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Energy Efficiency Financing Programs

In partnership with the Northeast Ohio Public Energy Council (NOPEC), commercial customers in SOPEC member communities with both electric and natural gas aggregation are eligible for two valuable energy efficiency financing programs: STEP and PACE.

STEP Loan Program

The STEP Loan Program provides a subsidized low-interest fixed-rate loan to small business customers for energy improvements to their business. Business owners can borrow $5,000 to $100,000 at a fixed 3% APR for a ten year loan term. Qualifying purchases include EnergyStar appliances and upgrades to insulation, lighting, HVAC, windows, and other energy reduction improvements.

Participant Qualifications:

  • Program borrowers must meet the following requirements:

    • Borrower must be a commercial, industrial, non-profit, or public-sector entity

    • Borrower must hold a SOPEC mercantile customer account at project service address

    • Borrower must be the owner of the building where the proposed project will be constructed

    • Borrower must request $5,000 to $100,000 through STEP Loan Program

  • 12-month utility billing history (SOPEC can provide assistance with billing history)

  • Proposed energy project must feature a utility savings payback point within 10 years of completion (SOPEC can provide technical assistance with project payback calculations)

Eligible program participants can submit an application at the link below.

PACE Financing Program

The PACE Loan Program provides property-assessed financing for large commercial energy efficiency projects. Commercial borrowers can receive financing from $100,000 to $500,000 through the SOPEC PACE program. Borrowers receive a PACE loan from SOPEC through an ESID district, and repay the PACE loan to SOPEC through property tax assessments.

Participant Qualifications:

  • Program borrowers must meet the following requirements:

    • Borrower must be a commercial, industrial, non-profit, or public-sector entity

    • Borrower must hold a SOPEC mercantile customer account at project service address

    • Borrower must be the owner of the building where the proposed project will be constructed

    • Borrower must request $100,000 to $500,000 through PACE Loan Program

  • 12-month utility billing history (SOPEC can provide assistance with billing history)

  • Proposed energy project must feature a utility savings payback point within 10 years of completion (SOPEC can provide technical assistance with project payback calculations)

Eligible program participants can submit an application at the link below.