New Hampshire Businesses to Benefit from Energy Efficiency Loans

Governor John Lynch announced that the State of New Hampshire has teamed up with Ocean National Bank to offer discounted loan rates for energy-saving projects at New Hampshire businesses. The loans will help them make structural improvements and equipment purchases that reduce energy consumption.

The Renewable Energy and Energy Efficiency Business Loans are available for energy-saving projects such as energy-efficient lighting systems, variable frequency drives, premium efficiency motors, energy-efficient HVAC systems and renewable energy systems, and custom energy-saving measures. Ocean National is offering the loan in collaboration with the New Hampshire Business Resource Center, part of the New Hampshire Division of Economic Development. “The dramatic national increase in energy costs is hurting New Hampshire’s businesses and families. We must take every possible step to minimize the impact of high energy costs on our state’s strong economy,” Gov. Lynch said. “Helping businesses reduce their energy use is key to helping ensure our businesses can continue to grow and create jobs.” Terms include an interest rate of prime minus 1 percent, floating, for a maximum of seven years, subject to credit approval and the findings of an energy efficiency review. The rate is targeted to energy loans of $10,000 or more. The pool of dollars earmarked by utilities for rebates will be allocated on a first-come, first-served basis. An energy-efficiency review is required as part of the application process, with a follow-up review at the end of the project. Free energy efficiency reviews are available.
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