The funds for the conduit loan come from a private lender, OAQDA spokeswoman Jenny Campers Campers said, with the state group facilitating and providing tax incentives, including 100 percent exemption for the term of the financing from state income tax, real property, sales and use taxes.
The systems are expected to save the company $25,000 annually in energy savings for each building, compared to buildings constructed according to existing code specifications. The above-code design will also reduce annual hazardous energy emissions at each dealership by 989,374 pounds of carbon dioxide, 3,838 pounds of nitrogen oxides and 852 pounds of sulfur dioxide, according to the OAQDA.
Created in 1970 to promote cleaner air in Ohio, the conservation group assists businesses that wish to invest in energy efficient equipment or construction by facilitating conduit bonds and giving tax incentives.
“It helps small and large businesses with lower cost financing options to cover the cost of building in compliance with clean air standards,” Campers said.
The $4 million will help Wyler pay off the construction loan for the $10 million project, Campers said.
Companies which do not have to comply with government clean air standards can also apply for the incentives, she said.
“The Springfield Chevrolet and Toyota dealerships are able to reduce their energy footprints by an estimated 35 percent,” Wyler Chief Financial Officer Jeff Acuff said in a press release prepared by OAQDA.
He referred questions about the project to the company’s marketing director, who said Wyler will continue to look for opportunities for savings and energy efficiency in the future.
“We’re looking for efficiency in all our buildings,” Jim Simon said.
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