Solar and Energy Loan Fund (SELF)

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2012

St. Lucie County’s Solar & Energy Loan Fund (SELF) is an innovative program that offers businesses and homeowners the ability to overcome financial obstacles that in the past have prevented property owners from being able to make energy efficient improvements, as well as renewable energy enhancements (such as solar). The intent of the program was to create a separate non-profit organization that would offer low-interest loans to St. Lucie County businesses and homeowners to allow them to make energy-efficient upgrades to their structures to lower their utility costs and conserve resources. The goal was to establish a revolving loan fund where the monthly loan payments where equal to or less than the monthly energy savings, so that residents and businesses could install energy-efficient upgrades by giving them the capital funds to do so. By offering low-interest loans to homeowners for energy-efficient upgrades, the County would not only be offering an affordable means to conserve natural resources, but it would help stimulate the construction industry and local economy, which have been adversely impacted by the national economy and the collapse of the housing marketing. As of early February, 2012, SELF had received more than 150 applications, completed more than 125 energy audits, and closed 65 loans totaling $640,000.