Financial Definitions

Loan: A loan is money borrowed from a bank or financial institution that must be paid back. Loans are helpful for financing projectgs that require upfront costs.

Grant: A grant is funding provided by the government, business, or non-profits that does not need to be repaid. Grants are typically awarded for specific projects, such as installing solar panels.

Rebate: A rebate is a partial refund offered after purchasing a product or service. For example, a rebate might cover 50% of the cost of energy efficient appliances.

Tax Credit: A tax credit is a deduction from your taxes that directly reduces the amount of money you owe to the government. It’s essentially giving you a partial refund on your taxes based on specific purchases or activities, such as installing energy-efficient equipment in your home or investing in renewable energy sources.

Incentive: An incentive is a benefit given to encourage switching to clean energy. This can include energy audits, rebates, tax credits, grants, loans, or upgrades.

No Charge Assistance: No charge assistance refers to services or resources provided at no cost. This can include free energy audits, consultations, educational workshops, or technical support to help implement clean energy solutions.