Federal Funding

As the State’s Climate Bank, the IFA recently submitted applications to seven different federal funding opportunities. To learn more about the status of each program and whether you may be eligible for a grant or loan, click on the links below.

Need additional information? Please email the IFA (federalfunding@il-fa.com) for additional information.

U.S. DOE 40101(d) GRID RESILIENCE

Authorized by the Bipartisan Infrastructure Law and administered through the Grid Deployment Office (GDO), the Grid Resilience State and Tribal Formula Grants program is designed to strengthen and modernize America’s power grid against wildfires, extreme weather, and other natural disasters that are exacerbated by the climate crisis. On September 19, 2023, The U.S. Department of Energy announced that the Illinois Finance Authority was granted a significant allocation of over $16 million from this program. The Illinois Finance Authority is set to play a pivotal role in ensuring that these funds are strategically deployed to enhance grid resilience and reliability. For additional information, please refer to the Grid Development Office website and Illinois’ GRID award fact sheet.

The Illinois Finance Authority released a Request for Information (RFI) for Grid Resilience funds that closed on February 16, 2024. The Illinois Finance Authority will be accepting applications for GRID grant funding in mid March 2024. Stay tuned to this page for updates and further details regarding the application process.

resilient & EFFICIENT CODES IMPLENTATION

Funded by President Biden’s Bipartisan Infrastructure Law, the Building Energy Codes: Resilient and Efficient Codes Implementation Program (RECI) will help to expand building energy codes through state and local implementation and lower electricity costs for families and businesses as much as $138 billion over the next 30 years. The Building Energy Resource and Hub (The Hub), in partnership with Elevate Energy, ComEd, the Illinois Green Alliance, and the Authority, received a $4.5 million federal infrastructure grant to support building decarbonization in Illinois. The Hub will connect interested borrowers with lending products from the Authority, who will provide a non-governmental match of $200,000 to support this project.

For more information, please visit the Building Energy Resource Hub website.

State Small Business Climate Initiative

The Illinois Finance Authority provides participation loans for clean energy projects through its State Small Business Credit Initiative (SSBCI). The Authority was awarded $3 million earlier this year in capital for these loans. More information about the SSBCI program can be found on the Authority’s SSBCI webpage.

U.S. DOE EE Revolving Loan Fund

The Energy Efficiency Revolving Loan Fund Capitalization Grant Program is designed to provide capitalization grants to States to establish a revolving loan fund (RLF) under which the state shall provide loans and grants for energy efficiency audits, upgrades, and retrofits to increase energy efficiency and improve the comfort of buildings. The Illinois Finance Authority submitted a joint application with the Illinois Environmental Protection Agency and expects to receive funding in January 2024.

U.S. DOE GRIP Program

As part of the Bipartisan Infrastructure Law, the Grid Deployment Office is administering a $10.5 billion Grid Resilience and Innovation Partnerships (GRIP) Program to enhance grid flexibility and improve the resilience of the power system against growing threats of extreme weather and climate change. The Illinois Finance Authority submitted a concept paper for the second round of funding for this opportunity in January 2024. Decisions are expected in Spring 2024. More information can be found on the Grid Deployment Office website.

U.S. DOT Charging & Fueling Infrastructure

The Charging and Fueling Infrastructure (CFI) Grant Program provides funding to strategically deploy publicly accessible electric vehicle charging infrastructure and other alternative fueling infrastructure. The Authority submitted its application to the Communities portion CFI program in June 2023. On January 18, 2024, The Illinois Finance Authority was awarded $14.9 million through the CFI Grant Program. Stay tuned to this page for future updates regarding communities selected for funding.

U.S. EPA Greenhouse Gas Reduction Fund

The Inflation Reduction Act authorized EPA to implement the Greenhouse Gas Reduction Fund, a historic $27 billion investment to mobilize financing and private capital to combat the climate crisis and ensure American economic competitiveness. The Greenhouse Gas Reduction Fund will deliver lower energy costs and economic revitalization to communities, particularly those that have historically been left behind.

The Greenhouse Gas Reduction Fund will be implemented via three grant competitions: the $14 billion National Clean Investment Fund (NCIF), the $6 billion Clean Communities Investment Accelerator (CCIA), and the $7 billion Solar for All competition. In October, the Illinois Finance Authority submitted its own application for $250 million from the Solar for All competition, and joint applications with national nonprofit applicants for the NCIF and CCIA competitions. Decisions are expected in Spring 2024.