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Gov’t opens call for Green Energy Fund financing

Puerto Rico Energy Affairs Administration Executive Director José Maeso (Credit: Mauricio Pascual)

Puerto Rico Energy Affairs Administration Executive Director José Maeso (Credit: © Mauricio Pascual)

Puerto Rico-based companies interested in benefiting from the government’s Green Energy Fund program will have from Oct. 1-5 to sign up and apply for financing online, José Maeso, executive director of the Energy Affairs Administration announced.

“The purpose of this fund is to encourage the development of renewable energy systems that promote the use of natural sources like the sun and reduce energy bills,” he said. “The Green Energy Fund provides incentives to residences, businesses and industries for the installation of solar or wind energy systems.”

This program is in line with the government’s public policy to give priority to renewable energy, without affecting lands with high farming and ecological value, he said.

The Green Energy Fund feeds from Treasury Department collections related to motor vehicle and motorcycle excise taxes. This fiscal year, the EAA is looking to fund about 400 renewable energy projects, up from the 270 funded during fiscal 2013, both in the commercial and residential sectors.

Incentives are split into two tiers: the Tier I funding category, reserved for residential and small and mid-sized business projects built to generate between 1 and 100 kilowatts of energy; and Tier II industrial projects, built to generate between 101 kilowatts and 1 megawatt of energy.

Maeso said 62 projects have received Green Energy Fund incentives from July to September, representing $11.7 million in economic investments and the creation of 100 professional and technical jobs in the design and construction phases of the projects.

Next quarter, the program expects to create another 50 jobs, he said.

In addition, the EAA chief explained that between January and September, the agency granted incentives to 70 commercial projects and 232 residential projects. He explained that the average monthly saving obtained is $200 for residences, $1,300 for small businesses and $8,000 for large businesses and industries.

Industries and businesses have until Saturday to submit their applications online via http://prgef.com, which is the only way to participate in the Green Energy Fund program.

Author Details
Author Details
Business reporter with 29 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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