Montgomery County Green Bank is launching its first loan product for businesses to finance energy efficiency projects — part of a larger plan to spend $14 million in settlement money from the 2016 acquisition of Pepco Holdings Inc. by Exelon Corp.
The new Commercial Loan for Energy Efficiency and Renewables, which is being made available through Laurel-based Revere Bank and Ascentium Capital LLC, is just the first of what the new nonprofit hopes will be a series of financial products designed to spur energy efficiency projects across the county, according to Montgomery County Green Bank CEO Thomas Deyo.
Here’s how it works:
The Green Bank puts up $1 million as insurance against defaults in order for the lenders to make available $20 million in capital for potential loans.
Commercial and industrial business that want to replace their equipment with more energy efficient technology, and fund related renewable energy projects, can apply to the loan program and receive funding.
The…
