The new Green Bank of Kentucky has awarded its first loan to three state-run schools, including the Kentucky School for the Blind in Louisville.
The Green Bank isn’t an actual bank, but a revolving loan program created by the state using federal stimulus money. The loans will be handed out for energy efficiency programs and repaid by the recipients using the savings on their energy bills.
State Energy and Environment Cabinet Secretary Len Peters says after the loans are paid back in fourteen years, the schools will see cost-savings.
“Efficiency is the best way, it’s the most economical way, and it’s the most effective way for us to really improve our environment and reduce the energy that we need and use every day,” says Peters.
The other schools receiving energy upgrades are the Kentucky School for the Deaf in Danville and the FFA Leadership Training Center in Hardinsburg.
The loan to all three is for $1.3-million dollars.