Cuyahoga County Launches New Clean Energy Finance Program

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Emily Lundgard, (216) 348-4395
Jeane' Holley, (216) 698-2544

Cleveland, OH - County Executive Armond Budish announced today the creation of the Cuyahoga County Clean Energy Financing Hub – a new program to assist businesses, institutions, local governments, and eventually homeowners in cutting energy costs and purchasing new clean energy retrofits and renewable power supplies.

By leveraging $225,000 of County resources, the Department of Sustainability will make up to $120 million available of private sector money for low cost financing to help consumers to save money by purchasing more efficient lighting systems, HVAC equipment, motors, and solar panels.

"Developing this financing tool for energy efficiencies and renewables helps businesses and others save money while making our County more competitive in the state and regional economies," said Budish. "More efficient energy sources not only create local jobs and make our environment safer, but they power our homes, businesses, and communities.  With this program, Cuyahoga County will be a national leader in leveraging resources to create a larger, private investment to make our power supply much cleaner."

The County will hire Eutectics, a mission-oriented company with experience in efficiency energy projects to help develop and administer the program. Eutectics connects qualified clean energy projects with committed capital, with the goal of advancing underserved and untapped markets in energy efficiency, renewable energy, and clean water.

Jeremy Kalin, President of Eutectics stated, "This is very exciting and we are thrilled to be part of the HUB. Executive Budish, Councilwoman Sunny Simon, and all of Cuyahoga County have shown great leadership and true vision.  We are ready to roll up our sleeves and help develop a solid, clean energy program to achieve environmental benefit and economic development."

"This is a great investment into reshaping the energy future of Cuyahoga County.  It will be good for the environment.  It will be good for workers.  It will be good for cities.  It will be good for businesses," added County Councilwoman Sunny Simon.

Nicole Stika, Senior Director for Energy Services of The Council of Smaller Enterprises applauded Cuyahoga County leadership and said, “Traditionally, energy efficiency is left ‘invisible’ to small businesses and they just view it as any other operating expense—they lose sight of the many benefits that it could deliver to their bottom line. This program will help our small businesses treat energy efficiency as a beneficial resource to be more cost effective.”

The Department of Sustainability anticipates the first projects to begin by the end of May 2015.