The SEP provides financial assistance in the form of loans and grants that are used by eligible applicants to promote the generation and use of solar energy and the manufacture or assembly of solar equipment in the Commonwealth.
The program is administered jointly by the Department of Community and Economic Development and the Department of Environmental Protection under the direction of the Commonwealth Financing Authority.
The updated guidelines expand the program from only offering loans to now offering both loans and grants.
For solar equipment manufacturing projects, SEP will offer up to $40,000 in loans or $5,000 in grants for every new job created within three years.
For energy generation or distribution projects, SEP will offer loans up to $5 million or $3 per watt, whichever is less, and grants up to $1 million or $1.50 per watt, whichever is less.
SEP loans will be repaid over a period not to exceed 22 years for equipment and 15 years for real estate.
Applicants must provide matching funds of at least $1 for every $3 of loan funding awarded, and at least $1 for every $1 of grant funding awarded.
Applicants eligible for SEP funding include:
- Businesses – A corporation, partnership, sole proprietorship, limited liability company, business trust or other CFA-approved commercial entity. The term also includes not-for-profit entities.
- Economic Development Organizations – A nonprofit corporation or association whose purpose is the enhancement of economic conditions in their community.
- Political Subdivision – A municipality, county, or school district.
CLICK HERE to review the program guidelines and to apply.