Mountain BizWorks has introduced the Electrify Fund, a new financing program designed to help businesses, nonprofits, and local governments in Western North Carolina invest in clean energy and efficiency upgrades. The initiative aims to address longstanding barriers to adopting solar power, energy-efficient building improvements, and electric vehicles by offering lower-cost financing and technical assistance.

“Our region has needed a program like the Electrify Fund for many years,” said Eric Burton, director of the fund. Leading up to the launch, Mountain BizWorks conducted dozens of interviews with business owners, industry leaders, other financial institutions, and trade organizations at the local and state level. “[They all] showed a desire for clean energy and efficiency project financing that was lower-cost and more client-friendly than what was currently available,” Burton said. “Now, we’re thrilled to offer this program—including lending and hands-on assistance—to help businesses see and seize the cost-saving and resilience opportunities available to them.”

A key feature of the fund is its “pay-as-you-save” model, which allows businesses and nonprofits to undertake energy projects without incurring large upfront costs. Instead, loan repayments are structured so that energy savings offset the expense over time. 

“With upfront costs covered,” Burton said, “organizations can save money from day one and use the savings to pay off their loan over time.”

The launch of the program was accelerated following the damage caused by Hurricane Helene. Mountain BizWorks saw an opportunity to assist businesses in rebuilding with energy efficiency and resiliency in mind.

“We know that businesses that are rebuilding may want to consider choices that will save them money long term,” Burton said. “We believe energy efficiency and more resilient infrastructure will help our region recover stronger and be more prepared for the future.”

For many small businesses and nonprofits, financing remains one of the biggest hurdles in transitioning to clean energy. Burton said that the Electrify Fund will allow Mountain BizWorks to keep loans below market rates for much of Western North Carolina, making projects more accessible.

“Upfront costs for energy efficiency upgrades or solar installations can be significant, making improvements out of reach for many,” he said. “The Electrify Fund is designed to remove that barrier. Our affordable financing allows businesses to make interest-only payments during construction and then cover their monthly payments with energy cost savings as soon as work is completed on their projects.”

The fund was formally launched in February and has already made its first investment at Bryson City United Methodist Church (BCUMC). Burton said the church was introduced to the program through a local solar company and was an ideal candidate for the initiative.

“When we talked about their needs, it was a perfect fit,” said Burton. “As a region-wide program, we can’t wait to see how this decision saves them money and inspires other rural businesses and nonprofits to do the same.”

BCUMC’s array will be the first public solar panel system in the town. Church leaders estimate the solar panels will generate approximately one half of the church’s power needs, with the system expected to pay for itself in seven to eight years. 

“I’m proud that we are the first public building in our town to have solar energy,” said Catherine Gantt, church council president. “It will be nice to know that future generations won’t worry about keeping the lights on and paying crazy prices.”

Carole Maennle, the church’s finance chair, said she hopes the investment will have both financial and environmental benefits. Al Painter, trustee chair, noted that the church’s electricity costs are one of its largest ongoing expenses.

Total cost savings for businesses and nonprofits participating in the fund will depend on the scale of the projects they undertake. Burton said the program is flexible, allowing organizations to start with smaller efficiency upgrades or pursue more comprehensive energy transitions.

 “We can help organizations make their first investment into energy efficiency and support them all the way to energy independence,” said Burton.

While the Electrify Fund is still in its early stages, Mountain BizWorks expects to continue expanding the program across the region. The initiative comes at a time when many businesses are looking for ways to cut operating costs, and as concerns about grid reliability and energy prices grow, the demand for clean energy financing may increase.

Photos courtesy of Sugar Hollow Solar.