Energy-efficiency loans will help businesses and state

In case you missed it...here's Clint's Op-Ed piece from the Tennessean.

Thanks to the leadership of Gov. Phil Bredesen and the state legislature, Tennessee businesses will now have access to energy-efficiency financing at an unprecedented level.

Through this leadership, the state is creating a unique public-private collaboration to develop a model for the rest of the nation to follow. This first-of-its-kind collaboration is leveraging state funds with capital from the Tennessee Valley Authority, Pinnacle National Bank and Pathway Lending to create a targeted loan program for financing energy-efficiency improvements. This program is receiving additional support from the U.S. Economic Development Administration and the U.S.
Department of Energy as a possible blueprint for other states.

Why is this important now? As many businesses understand, energy costs are rising and corporate budgets for capital projects are shrinking, and, as the Pew Foundation recently reported, lack of financing is the No. 1 barrier to implementing energy-efficiency projects.

This program will bring businesses in our state what is now unattainable — access to loan capital to finance energy-efficiency and renewable energy projects. The program will provide below-market-rate loans for improvements ranging from $20,000 to $1 million. Whether it's building retrofits, equipment upgrades or adding renewable energy generation, businesses can now take the next step in achieving the significant, long-term energy savings they've been demanding, all the while
becoming more competitive and reducing impacts on the environment.

Long-term savings are huge
The study "Energy Efficiency in the South," released in April, says that by reducing the growth of electricity consumption, Tennesseans could save $1.6 billion a year by 2020 and $3.1 billion a year by 2030. More importantly, energy-efficiency projects create and retain jobs in Tennessee. These economic impacts are felt locally where trained contractors, consultants and installers are needed for projects. Over the next 10 years, it is expected that this loan program will generate more than $100
million in loans and will create and retain more than 3,500 jobs while decreasing demand for electric power generation and reducing environmental impacts.

Tennessee has made significant strides to become a national leader in sustainability and green business over the past few years. Major corporations specializing in solar energy are moving to our state. Organizations like the Southeastern Energy Efficiency Alliance are educating businesses on the value of energy efficiency. Oak Ridge National Laboratory is using commercially available and lab-developed technology for energy-efficiency efforts such as the Net-Zero Energy Building and
Sustainable Campus Initiative, all of which have been recognized as potential national models.

When you add up the opportunities, energy efficiency is a smart decision for business and the state economy and an even better decision for the environment.

At Pathway Lending, we have been committed to bringing access to capital to Tennessee businesses since 1999, and this program is no different. We are
launching an online application process and look forward to working with businesses from sole proprietors to corporations and everyone in between in their efforts to become more energy efficient, environmentally friendly and globally competitive.