NOPEC is excited to announce the closure of two Savings Through Efficiency Program (STEP) deals for local entities in Chardon and Mentor.
Through the STEP loan, NOPEC is able to offer low-interest financing to local businesses and municipalities to help them save on energy costs, be it through, infrastructure upgrades, renewable energy upgrades, or other energy-related improvements.
The first deal NOPEC closed last week was with Bean Counter, a building that a CPA firm works out of in Chardon. NOPEC financed $50,000 to assist the business with updating their HVAC system. Additionally, the business was awarded $2,000 for an energy audit to ensure they were operating with maximum efficiency as it relates to energy usage. This improvement estimates over $2,000 in annual savings during the HVAC systems' useful life.
“Working with NOPEC allowed us to move forward with meaningful energy efficiency upgrades while keeping capital costs manageable. The combination of financing support and competitive supply options directly improves our operating performance across multiple buildings,” the building owner – who owns both properties NOPEC closed deals on - said.
The second project closed saw $40,000 financed to Old Village Hall in Mentor which went to improving the roof of the building. The CPA firm operates out of this building as well. This project was also awarded $2,000 for an energy audit. With the funding secured from NOPEC the building is expected to save an estimated $557 annually on HVAC costs.
“NOPEC’s approach made it easier to invest in energy efficiency without sacrificing flexibility. The savings on utilities and the ability to structure financing around our portfolio have had a real, measurable impact on our bottom line,” the owner of both properties shared.
Click here to learn more about NOPEC’s financing programs or go to nopec.org/small-businesses/energy-efficiency-financing
