WASHINGTON, DC – Congressman G. K. Butterfield (NC-01) will present a $6 million check to the Roanoke Electric Cooperative made available through the U.S. Department of Agriculture’s (USDA) Rural Development Electric Program during a check presentation ceremony at 11:30 a.m. on Friday, October 24, 2014 at the Roanoke Electric Cooperative Headquarters, 518 NC Highway 561, Aulander, N.C.
The check represents a USDA Electric Guaranteed Loan to Roanoke Electric Cooperative to implement a pilot project that provides energy efficiency retrofits to existing houses in an effort to lower co-op members utilities cost. Roanoke Electric Cooperative serves an economically challenged region home to a large number of households with high energy burdens.
The USDA Rural Development Electric Program offers financing assistance in the form of FFB Guaranteed Loans, Hardship Loans, Treasury Rate Loans, Municipal Rate Loans, and Assistance to Rural Communities with Extremely High Energy Costs (loan and grant assistance). These loans are used to acquire, construct, extend, upgrade, and otherwise improve energy generation, transmission, or distribution facilities serving communities in which the average residential energy expenditure for home energy is at least 275 percent of the national average.
The Roanoke Electric Cooperative Board of Directors will be in attendance. This event is open to the public. All media outlets are also invited to attend the check presentation.
For more information on the loan program, visit here.