The Montgomery County Green Bank’s Commercial Loan for Energy Efficiency and Renewables (CLEER) Loan Terms follow:
|Financing Amounts||Minimum: $15,000
|Term||24 to 144 months, depending upon the Participating Lender|
|Financing Rates||Rates vary by Participating Lender and are based on several factors, including borrower’s credit, size of loan, term, and market conditions.|
|Eligible Properties||Commercial or industrial properties or businesses (“Commercial Properties”), rental apartment buildings of 5 or more units, and multifamily communities, which include condominiums, Planned Unit Developments (“PUDs”) and cooperatives.
Properties must be located in the Pepco service area of Montgomery County, MD.
|Eligible Borrowers||Commercial Property owners or tenants, a condominium or PUD homeowners’ association, or cooperative corporation (“Business Owner”)
For-profit or non-profit entities are eligible.
Tenants of Commercial Properties seeking to make Eligible Measures may be asked to obtain the prior written consent of the property owner.
|Eligible Energy Improvements||Eligible Measures approved by Pepco under its Commercial and Industrial (“C&I”) energy savings program, PLUS several other qualifying energy-related improvements including: energy storage, photovoltaic (PV), or HVAC natural gas, must comprise at least 70% of the cost of improvements being financed.
Additional improvements to the property that are related to the above improvements (such as water conservation, roofing improvements to support solar PV installation, insulation, and painting of the area where the energy improvements were installed) are allowed and may account for up to 30% of the cost of improvements financed.
|Scope Magnitude||All energy efficiency projects must include at least one Pepco-approved Eligible Measure. Stand alone Solar PV projects allowed.
Retrofits and renovations (including new construction in conjunction with retrofit of existing property) qualify.
100% new construction projects are not eligible.
|Security/Recourse||UCC-1 and other filings, including fixture filings, as required by the Participating Lender. Corporate and personal guarantee requirements vary by Participating Lender.|
|Underwriting Criteria||Please contact Participating Lenders for additional details on their specific underwriting criteria.|