Madison Mayor Paul Soglin announced Tuesday a new financial incentive program for city businesses to encourage energy efficiency in the community.
Under the Green Madison initiative, funded by a grant from the U.S. Department of Energy, the new business model offers financing for environmentally friendly projects for no money down, as well as incentives based on projected energy savings.
Green Madison financing will offer financial incentives to offset 40 percent of projected costs for such projects for a limited time, according to a statement from Soglin’s office.
“The lack of affordable financing options has deterred many businesses from implementing important energy- efficiency projects in the past,” Soglin said in the statement. “The Green Madison business program offers both financing and incentives to address that funding barrier and helps businesses make energy- efficiency upgrades that reduce operating costs and improve their bottom line.”
Madison businesses with current energy-efficient projects costing between $5,000 and $25,000 are encouraged to apply for program funding, according to Soglin.
