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Innovative Financing for Fuel-Efficient Technologies
Loan Opportunities
SmartWay provides information on several lenders that offer loans
to owner-operators and small trucking companies to help pay for technologies
that will save fuel while reducing pollution. SmartWay introduced these
loans for the trucking industry in November 2006. See news
release for details.
A wide variety of technologies are available to help trucking companies
save on fuel costs. However, many companies lack the required upfront
capital costs. To help more companies start saving fuel and money while
reducing the emissions produced by their trucks, SmartWay Transport
has bundled a group of fuel saving technologies into a package known
as an “upgrade kit”.
SmartWay is using Small Business Administration (SBA) approved lenders,
as well as with other financial institutions, to help owner-operators
and small trucking companies. These loans offer affordable monthly
payment plans. The SBA approved lenders offer affordable principal
and interest monthly payments with no collateral required for loans
ranging from $5,000 to $25,000. The SBA loans have fees
associated with them as well as other requirements. Most truckers will save
more money each month in lower fuel costs than the cost of loan repayment, thereby
increasing their profit.
View more details: Small
Business Truck Loans for SmartWay Transport Fuel-Saving Technologies (PDF) (2
pp, 77K) (EPA 420-F-06-903).
More Information available on this page:
Upgrade Kits
These are highly fuel-efficient technologies bundled with emission-control
devices. Upgrade kits reduce fuel consumption and air pollution. View
more information: SmartWay
Innovative Financing Program for the Trucking Industry (PDF) (2
pp, 167K) (EPA 420-F-06-016).
The Chrome Shop Mafia and 4 State Trucks are marketing
and selling upgrade kits. They are among the first partners to make
the kits and individual components commercially available. More information: Partners
Help Truckers Save Money, Reduce Emissions | PDF
Version (2 pp, 51K) (EPA 420-F-07-027). See news
release for details.
More about 4 State Trucks 
More about Chrome Shop Mafia
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Clean Truck, Trailer, and Technology Loans
Please note: EPA may not endorse the products or services of commercial
companies. Any reference to a specific commercial product or service
by trade name, trademark, manufacturer, company, or otherwise does
not constitute or imply the endorsement or recommendation of the
U.S. Environmental Protection Agency. The financial institutions
and their loan programs listed below are not Federal government loans. If
you obtain a loan from any of the financial institutions below you
are subject to their terms and conditions.
If you are interested in obtaining a loan for a SmartWay Certified
Tractor, SmartWay Certified Trailer or SmartWay approved fuel savings
and emissions reducing technologies, you can submit a loan application
at the www.SmartwayFinanceCenter.com website.
This website allows you to submit one, simple, free application which
is distributed to participating lenders for their consideration. Multiple
lenders will review your application, and they may send you an offer
for a loan or lease. You get to decide which offer(s), if any,
best meets your needs. You are not obligated to accept any offers. Any
loan or lease offers are from private lenders and do not constitute
Federal government loans. Further, private lenders may assess
fees for issuing loans.
SmartWay also works with ACCION which
is a non-profit financial institution that provides loans up to $50,000
for
New York/New Jersey residents only. To learn more about this loan opportunity,
contact the Credit Specialist team:
- New York Loan Inquires: (212) 387-0494,
via e-mail at loans@accionnewyork.org
- New
Jersey Loan Inquiries: 1-866-5ACCION (1-866-522-2466).
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Other financial opportunities for purchasing fuel-efficient technologies
include federal grants and state financial incentives such as the following:
Federal Grants
Periodically,
EPA and other government agencies sponsor grants for diesel projects:
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State Programs
These states
offer financial incentives to help the trucking industry purchase energy
savings and/or emission control technologies:
- Arkansas
Arkansas Department
of Environmental Quality (ADEQ):
ADEQ has a small-business loan program that promotes upgrade
kits, including idle reduction technologies, emission control devices,
trailer aerodynamics, and single wide-base tires. For more
information, see SmartWay
Transport Fuel-Saving Technology Packages for Arkansas Trucking
Companies
(PDF, 2 pages, 216K) (EPA 420-F-06-091)
- California
Carl Moyer
Program:
The California Air Resources Board and local air pollution control
districts provide grants for the entire incremental costs of voluntarily
reducing emissions from heavy duty engines. Eligible projects
include incremental cost of emission reduction retrofits, idle
reduction retrofits, engine replacement (repower) and purchase
of new cleaner vehicle.
- Maine
Small
Business Low Interest Loan Program: This
program assists small commercial, non-profit, and manufacturing facilities
with funding approved energy conservation measures (e.g., APUs) by providing
loans up to $35,000 at 3% interest (current fixed rate). The Maine Public
Utilities Commission’s Maine State Energy Program, administers
this program.
- Minnesota
Minnesota
Pollution Control Agency (MPCA):
MPCA has a small business loan program that offers financing for
upgrade kits, including idle reduction technologies, emission
control devices, trailer aerodynamics, and single wide-base tires.
For more information, see SmartWay
Transport Fuel-Saving Technology Packages for Minnesota Trucking
Companies
(PDF, 2 pages, 205K) (EPA 420-F-06-902)
- Oregon
The "Everybody
Wins" Program:
The Lane County Regional Air Pollution Authority (LRAPA) has a lease
to own program for purchase of idle reduction Auxiliary Power Units
(APU).
Oregon
Clean Diesel Retrofit Tax Credit:
(PDF, 2 pages, 74K) Oregon will pay for up to 35% of the cost of
the retrofit in tax credits to assist in the prevention and control
of pollution from mobile sources.
Oregon
Truck Engine Tax Credit:
The state of Oregon offers a tax credit for purchasing
cleaner diesel engines.
Cascade Sierra Solutions
(CSS):
This non-profit organization is dedicated to saving fuel and reducing
emissions from heavy-duty diesel engines and operates in the States
of Washington, Oregon, and California. CSS is creating outreach
centers along Interstate 5 to promote upgrade kit technologies and
provide incentives.
- Pennsylvania
Pennsylvania
Small Business Pollution Prevention Assistance Account Loan Program:
The Pennsylvania Department of Environmental Protection provides
low interest loans to small businesses undertaking projects that
reduce waste, pollution or energy use.
Pennsylvania
Small Business Advantage Grant Program:
The Pennsylvania Department of Environmental Protection has a grant
program that provides small business up to $7,500 but no more than
50% of the cost of an APU.
- Texas
Texas
Emissions Reduction Plan:
The Texas Emissions Reduction Plan (TERP) is a comprehensive set
of incentive programs aimed at improving air quality in Texas. The
Texas Commission on Environmental Quality administers TERP grants
and other financial mechanisms.
- Wisconsin
Wisconsin
Diesel Truck Idling Reduction Grant Program:
Under the program, Wisconsin’s Department of Commerce provides grants
to freight motor carriers headquartered in Wisconsin to purchase
and install idling reduction units for newer truck tractors.
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