**FOR IMMEDIATE RELEASE** DED awards $7.8 million in energy loans

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DED Update

Department to award approximately $7.8 million in energy loans

JEFFERSON CITY—The Missouri Department of Economic Development’s Division of Energy announced today the award of $7.8 million for low-interest loans to assist energy-efficiency and renewable energy projects statewide.

The funding will go to nine public schools, three city/county governments, one hospital, and one higher education institution and are expected to support 95 jobs and benefit more than 1,068,865 Missourians. 

It’s estimated the projects will result in annual energy savings of approximately $1,026,403. The loans will be repaid with money saved on energy costs as a result of implementing these upgrades and improvements. In addition, the projects will reduce electricity use by more than 10,881,657 kilowatt hour (kWh) and natural gas use by 12,145 Million Btu (MMBtu), avoiding 8,294 metric tons of carbon dioxide pollution, which equates to removing 1,753 passenger cars from the road for a year.

“The Energy Loan Program is an opportunity for critical infrastructures in Missouri--schools, hospitals, local governments, universities-- to invest in energy improvements for their facilities,” said Kristy Manning, Director of Missouri Division of Energy. “Loan projects not only assist in making energy improvements to applicants’ buildings but also aides in stimulating Missouri’s economy by allowing applicants to shift savings towards other priorities, thereby saving taxpayer money. Further, the Energy Loan Program bolsters job opportunities for the state of Missouri.”

Since the Energy Loan Program’s inception in 1989, the Department of Economic Development’s Division of Energy has awarded more than 612 loans resulting in more than $114 million in completed energy efficiency projects and more than $199 million in estimated cumulative energy savings. Through the department’s Division of Energy, low-interest loans are provided to public schools, public and private higher education institutions, public and private not-for-profit hospitals, and local governments to help reduce energy costs. Loan financing may be used for various energy-saving investments such as insulation, lighting systems, heating and cooling systems, combined heat and power, pumps, motors, aerators, renewable energy systems, and other measures that reduce energy use and cost.

For a list of recipients or to learn more about the Energy Loan Program, please visit https://energyloan.mo.gov or contact the Missouri Department of Economic Development’s Division of Energy at 573-751-2254 or toll-free at 855-522-2796.

Maggie Kost, Director of Communications
Missouri Department of Economic Development
(573) 522-5058