The City of Huntington Beach will receive a $7.7 million low-interest loan to retrofit more than 11 thousand existing streetlights with new low energy LED lights. The expected annual savings from the LED project will be over $400,000 and 3.5 million kilowatt-hours, thus freeing up funds for other services. The loan was unanimously approved by the IBank Board on November 17.
The CLEEN program was established in 2014 to finance energy efficiency and environmental projects in support of California’s greenhouse gas reduction goals. The program taps IBank financial resources, including loans and bond issuances, to assist local government agencies, schools (including charter schools), non-profits, universities and hospitals. Loans can be used for a variety of energy conservation, renewable energy, transportation and related projects. LED lighting is a technology the IBank is specifically targeting for assistance.
“California is the nation’s leader in mitigating climate change and increasing energy efficiency,” said Mike Rossi, IBank Board Chairman and Senior Advisor to Governor Brown. “IBank’s CLEEN Center will help the state further accelerate energy innovation by offering financing for projects that will create a more sustainable future.”
The CLEEN criteria and guidelines can be found here. An application for CLEEN financing can be found here. The IBank advises those interested in applying for CLEEN Center financing to contact IBank about their projects, by e-mail at firstname.lastname@example.org or by telephone at (916) 341-6600, before submitting an application.