The Rural Energy Savings Program (RESP) was created for the purpose of helping communities achieve cost savings by providing loans to qualified consumers through eligible entities to implement durable cost-effective, energy efficiency measures.
Eligible activities that qualify for a RESP loan include:
- on or off grid renewable energy systems
- irrigation or water and waste disposal improvements
- energy audits
- energy efficient lighting technologies
- space conditioning, including HVAC systems
- building envelope improvements like improved insulation
- energy storage devices
- energy efficient appliance upgrades
- and necessary and incidental activities and investments directly related to the implementation of an energy efficiency measure.
Weist Law will manage the application process for you from start to finish. The prescreening process begins after the submission of a Letter of Intent (LOI). The USDA will then evaluate certain criteria required in the LOI and issue an invitation to apply or a rejection. After an application is submitted within 90 days of invitation, the review process begins. Upon careful review, the USDA will then issue a conditional commitment letter to the borrower. The RESP borrower must then submit an intent to meet those conditions within 60 days from the commitment letter. The entire process is expected to take around 9-12 months .
Weist Law's team of seasoned public finance attorneys have years of experience working with USDA on various financing transactions and are uniquely positioned to assist any agency or community looking to take utilize the RESP loan program.
If you are interested in learning more about this program and how we could assist your agency, please feel free to schedule a free consultation with our team by clicking here.
The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact a designated Weist Law representative. This material may be considered advertising under certain rules of professional conduct.