Energy efficient incentives are vital for encouraging businesses to adopt new technologies and practices. Financial incentives can take the form of grants, loans, rebates, or bonds. Incentives can also include income tax credits and deductions, along with sales tax exemptions and discounts on eligible products. Using energy efficient incentives will help lower upfront project costs and decrease the time it takes to see a return on your investment. Removing some or most of the financial barriers makes it possible for businesses to implement more energy-efficient practices.
Here’s a look at the incentives for Tennessee.
Incentives for Tennessee
The following are incentives for TN businesses can take advantage of.
- EmPower Tennessee Initiative: This state initiative is working to reduce energy consumption in state-owned and managed facilities by tracking and controlling energy usage. The program is also investing in renewable power sources and creating an optimal energy usage environment. The state is dedicating millions of dollars to energy efficient projects. Money left over will support the purchase and implementation of a utility data management system and energy management infrastructure.
- Energy Efficient Schools Initiative: Using grants and loans, the Energy Efficient Schools Initiative (EESI) began in 2008 with $90 million in a one-time dispersal lottery fund. The Education Lottery Fund supports energy-saving projects for schools grades K-12. The program is currently the only one of its kind in the state and none of the EESI loans have ended in default.
- Pathway Energy Efficiency and Renewable Energy Loan Program: Started in 2010, Pathway Lending’s Energy Efficiency and Renewable Energy Loan Program (EELP) provides low-interest loans to for-profit and non-profit organizations in Tennessee. A US Treasury certified community development institution overseeing a $33 million revolving loan fund, EELP helps support projects that include energy-efficient equipment upgrades, lighting retrofits, cool roofs, and renewable energy installations to name a few.
- Volkswagen Diesel Settlement Environmental Mitigation Trust: The trust supports several energy-efficient transportation projects that include the School Bus Replacement Grant Program, Transit and Shuttle Bus Grant Program, Medium and Large Trucks Grant Program, and Light Duty Electric Vehicle Supply Equipment.
- Home Uplift: In 2021, TDEC OEP provided grants totaling $3 million to local power companies (EPB, KUB, MLGW, & NES) to extend the reach of their Home Uplift Programs. The funding helps cover costs associated with improving energy efficiency and weatherization measures for homeowners with limited incomes.
To learn more about energy efficiency commercial incentives for Tennessee contact Incentive Rebste360. We can help you find applicable incentives in your area, and we will fill out and submit the paperwork so you can get started on your projects. Call 480-653-8180, email [email protected], or schedule a call that fits your needs by clicking the button below.
Reference: American Council for an Energy-Efficient Economy (2023). State and Local Policy Database. ACEEE. https://database.aceee.org/state/financial-incentives