Financing Program Available for Renewable Thermal Business Investment
Renewable Thermal Business Investment Financing Program provides financial support for businesses or business services seeking to establish or expand distribution, manufacturing, or marketing of renewable thermal technologies, or supply chain infrastructure within Massachusetts. The renewable thermal technologies eligible for this program are woody biomass, grass pellets, advanced biofuels, biogas, inverter driven air and ground source heat pumps, and solar thermal. This program will not support feasibility studies, engineering/design or construction of any of the above technologies at a facility.
This solicitation is for $3 million and applications from $20,000 to $1 million will be considered by DOER. Projects must be located within Massachusetts to qualify.
Thermal energy is used for heating and cooling buildings, as well as for certain industrial processes. Today almost all of this energy is generated from fossil fuels like natural gas, propane or heating oil. But there is an expanding opportunity to use local renewable energy resources such as sunlight, sustainable biomass, the earth or ambient air. Technologies to use these renewable resources have been around for decades and are deployed around the world, but have recently become increasingly efficient, cost-effective and clean.
The market for renewable heating and cooling in Massachusetts is small but growing. Increasing the market share of renewable heating and cooling technologies will enable the Commonwealth to address important challenges, such as decreasing dependency of heating fuels that are either costly (oil, propane, electricity), constrained (natural gas), or both. Expanded use of renewable heating and cooling will help Massachusetts meet greenhouse gas reduction targets, increase energy efficiency, and improve air quality.
The average home or commercial building in Massachusetts spends about a third of its total energy expenditures each year on heating and cooling. Because Massachusetts depends heavily on fossil fuel
energy sources, such as oil, coal, and natural gas, the majority of those heating and cooling expenditures flow out of the region, providing little or no economic benefit to Massachusetts or the greater New England region.
The Massachusetts Department of Energy Resources therefore focuses on putting in place support resources for the renewable thermal market in the Commonwealth.