Title/Name/Summary
Smart Energy Fund
History
On January 25, 2010, the Development Services and Planning Committee of Trustees moved 2-0 to recommend to the Village Board to approve the program titled “Orland Park Smart Energy Fund”, prepared by the Development Services Department, dated January 25, 2010, funded for $250,000.00 by the American Recovery and Reinvestment Act of 2009 through the Energy Efficiency and Conservation Block Grant (EECBG) program administered by the US Department of Energy, pending DOE approval.
The proposed Smart Energy Fund is part of the Village’s ongoing commitment to energy efficiency and conservation. It is part of the Smart Business branch of the Smart Living Orland Park or Green Initiative.
The Village applied to the US Department of Energy for Energy Efficiency and Conservation Block Grant (EECBG) formula funding and was awarded $520,700. In its initial proposal, the Village planned to establish a revolving loan fund to help Orland Park businesses do energy efficiency (EE) and energy conservation (EC) improvements. In a later revision to the proposal, the revolving loan fund was converted to a sub-grant program. The rationale in the revision was that in the current economic circumstances businesses would respond better to a sub-grant program than a revolving loan fund, which involves short-term low-to-no interest debt.
EECBG Timeline
· June 2009 - EECBG Application; 4 project activities, revolving loan fund was one of them;
· August/September 2009 - EECBG Award of $520,700.00;
· November 2009 - Revised revolving loan fund and converted to sub-grant financial incentive program;
· December 2009 - DOE Revision review period;
· January 2010 - DOE Revision approval (pending) and Committee review;
· February 2010 - Smart Energy Fund established;
EECBG Timeline Requirements
· 18 months to obligate funds from time of award;
· 30 months to spend funds from time of award;
Smart Energy Fund (SEF)
· Pending DOE approval, the program ...
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