KNOXVILLE, Tenn. (REPRINTED)- Knoxville Mayor Madeline Rogero encourages area businesses to become more energy efficient through the “Mayor’s Energy Efficiency Challenge,” which is designed to spur friendly competition among businesses to undertake projects that will save energy and costs.
The City of Knoxville is partnering with Pathway Lending to provide $10 million in financing and critical insights on potential energy efficiency projects to businesses in Knoxville and Knox County. These funds can also be leveraged with other programs available to maximize the long-term benefits of energy efficiency improvements.
“It’s an ideal time for business owners to make energy efficiency a priority because we have local and federal initiatives in place to help with projects,” said Mayor Rogero. “With the weather getting cooler, it’s a reminder that we should do what we can to save energy and to cut costs.”
On average, every dollar invested in an energy efficiency project returns $2.84 to the business. When that is combined with the positive impact on the local environment and the improvement in employee productivity and health, the Mayor’s Energy Efficiency Challenge will make a substantial impact.
Pathway Lending, a nonprofit commercial lender based in Nashville with an office in downtown Knoxville, will make the funds available through its Tennessee Energy Efficiency Loan Program. The terms of the low-interest loans — with amounts available from $25,000 to $2.5 million — are designed to maximize the savings created by energy efficiency projects. The application and approval process has been streamlined for area applicants. Projects can range from commercial lighting and HVAC replacements to industrial systems upgrades, building retro-fits in existing facilities, projects that include renewable energy components, or a combination of any of the above.
Pathway Lending will also provide information and counseling on additional programs and available partners, such as TVA and KUB incentives, ENERGYSTAR, the U.S. Department of Energy’s Better Buildings Challenge, and local vendors.