TRF has received funding from the American Recovery and Reinvestment Act to finance energy conservation and efficiency improvements to buildings across Pennsylvania. The funding comes to TRF from different sources and has different geographic eligibility, but from the borrowers’ perspective, the two loan funds are virtually identical:
Energy Works Loan Fund
For building energy projects in southeastern Pennsylvania (Bucks, Chester, Delaware and Montgomery Counties and the City of Philadelphia).
Pennsylvania Green Energy Loan Fund (GELF)
For building energy projects throughout Pennsylvania.
Note: The Pennsylvania Green Energy Loan Fund has been fully committed and is no longer accepting new applications.
Energy Loan Terms
Eligible Building Energy Projects
Under both EnergyWorks and GELF, TRF is financing three types of building energy-efficiency projects:
All projects must result in a 25% reduction in energy use. The methodologies for estimating the energy savings are different for each of the four project types and are described in Part 5 of the Energy Loan Application Instructions and Important Information document.
Solar PV and other distributed generation technologies cannot be financed unless they are part of a larger, building energy conservation and efficiency project.
Under both EnergyWorks and GELF, TRF can provide financing to commercial, nonprofit, government, multifamily residential and industrial entities. Applicants may include building owners, developers or commercial tenants. Projects must involve buildings in Pennsylvania.
How to Apply for a Building Energy Loan
1. Review the Energy Loan Application Instructions and Important Information document
The Energy Loan Application Instructions and Important Information document provides important information about TRF building energy loans and should be reviewed before a loan application is submitted.
2. Submit the Initial Financing Request Form
The next step in the application process is to complete and submit an Initial Financing Request Form. This two-page form will provide TRF with key information about the project and the applicant. Applicants are urged to submit an application package sooner rather than later. TRF does not expect an energy loan applicant to wait until every aspect of a project has been decided before submitting an application.
3. Submit the Building Energy Loan Application Form
After receiving the Initial Financing Request Form, TRF will contact the applicant to discuss the project and the possible loan. If both TRF and the applicant find a good fit, the applicant will be asked to submit a complete Energy Loan Application Form. This form requests additional information about the proposed project, its energy savings and the applicant’s financial capacity.
4. Underwriting the TRF Loan
Once TRF receives the Energy Loan Application Form and its attachments, TRF begins the underwriting of the loan. The due diligence review of an application has two main tracks - financial and energy. TRF will work with the applicant to collect the information and documents needed to fully evaluate the financial strength of the applicant and the proposed project and to ensure the project meets the 25% energy savings goal. TRF is typically able to underwrite the loan and issue a commitment letter within four to six weeks of receipt of a complete application.
Questions? Email Energy@trfund.com or call 215-574-5814.
Energy Works Loan Fund
TRF’s funding for the EnergyWorks Loan fund comes from The Metropolitan Caucus, a partnership between Bucks, Chester, Delaware and Montgomery counties and the City of Philadelphia. This group applied to the U.S. Department of Energy and was awarded a competitive Energy Efficiency and Conservation Block Grant Program grant, of which a portion was assigned to TRF. TRF is partnering with the Philadelphia Industrial Development Corporation (PIDC) to manage the EnergyWorks Loan Fund, which now includes what was once called the Greenworks Loan Fund.
Pennsylvania Green Energy Loan Fund
TRF’s funding for the Pennsylvania Green Energy Loan Fund comes from the Pennsylvania Department of Environmental Protection, which included a revolving loan fund for building energy projects in its State Energy Program grant from the U.S. Department of Energy. TRF was selected by a competitive process to be the fund manager of the Pennsylvania Green Energy Loan Fund.
TRF’s Experience Financing Energy Projects
TRF has managed public and private sustainable energy funds in Pennsylvania since 1993 when it created the Nonprofit Energy Savings Investment Program (NESIP), a $5 million leveraged fund established with seed capital from the Pew Charitable Trusts. TRF expanded its clean energy financing program in 1998 when it was selected by the Pennsylvania Public Utility Commission to manage the $32 million Sustainable Development Fund, which was established with ratepayer and utility funding in the electric utility restructuring proceeding with PECO Energy.