Georgia communities can now take advantage of lower interest rates for environmental infrastructure projects that conserve water. The Georgia Environmental Finance Authority’s (GEFA) Executive Director Kevin Clark today announced that the GEFA board of directors approved a 1 percent interest rate reduction on all water conservation loans made from the Georgia Fund, the Clean Water State Revolving Fund (CWSRF) and the Drinking Water State Revolving Fund (DWSRF). Depending on the fund source, interest rates for qualifying projects could be as low as 2 percent.

“This interest rate reduction supports our mission to finance infrastructure projects that help to protect the state’s natural resources, as well as support Georgia’s commitment to water conservation,” said Clark.

GEFA loan programs can be used by local government water utilities to finance a broad range of water conservation projects in the areas of utility-water loss and end-use water efficiency. Utility-water loss consists of "real" losses in the forms of leaks, and "apparent" losses such as metering inaccuracies and water theft. End-use water efficiency projects include upgrading water fixtures (e.g., toilets, faucets, irrigation systems, etc.) and encouraging water conservation by utility customers. Over the last five years, GEFA has provided more than $34 million in low-interest financing for water-efficiency and conservation projects.

The one percent interest rate reduction applies to all stand-alone water conservation projects. The eligible projects under the Georgia Fund, CWSRF and DWSRF loan programs include:

·         Installing or retrofitting water efficient devices, such as plumbing fixtures and appliances;

·         Implementing incentive programs to conserve water, such as rebates for water efficient fixtures;

·         Installing water meters in previously unmetered areas;

·         Replacing broken or malfunctioning water meters or upgrading existing water meters with Automatic Meter Reading (AMR) systems;

·         Recycling and water use projects replacing potable sources with non-potable sources; and

·         Replacing or rehabilitating distribution pipe to reduce water loss and prevent water main breaks.

The Georgia Environmental Finance Authority (GEFA) provides energy, land and water resources resulting in an improved quality of life for today and future generations. GEFA is the lead agency for state energy programs and is home to the Center of Innovation for Energy; directs the Georgia Land Conservation Program and maintains state-owned fuel storage tanks; and offers financing for reservoir and water supply, water quality, storm water and solid waste infrastructure. Since 1985, GEFA has approved financial commitments totaling more than $3 billion to local governments, businesses and nonprofit organizations. For more information, visit www.gefa.org.