Accelerate Your Just Transition With Funding and Financing

Power plant redevelopments are large projects that bring numerous benefits but also require considerable funding, with most projects requiring funding from multiple sources to be viable. Several federal and state programs provide grants, loans, tax credits, and technical assistance for activities related to the just transition process, including planning, remediation, and capital improvements. In some cases, developers or institutions may have interest in funding just transition projects. Municipalities can also craft incentive packages by using tax credits or other strategies to attract and assist developers in reusing sites.

Costs for redeveloping power plant sites can range from under $10 million for smaller sites to upwards of $150 million for larger sites.

Decommissioning and remediation comprise a significant portion of project expenses.

Funding Your Project

Power plant redevelopment projects are likely to require a multi-stream approach that leverages public programs, private sources, tax credits, and other strategies to create a financing package for the project. 

Take advantage of local, state, and federal programs 

There are many public programs that fund activities including planning, environmental assessment, remediation, and project implementation. They often offer assistance in the form of grants, loans, and technical assistance.

Explore Funding Programs [XLSX]

Leverage tax credits and incentives

Depending on the locality, tax credits may be available for activities such as brownfield redevelopment, historic preservation, and low-income housing development. For smaller projects, tax credits can be critical to viability. Municipalities may also wish to offer tax incentive packages to attract developers for large-scale projects.

Get creative

Projects with creative vision or compelling public purpose are often able to raise significant corporate donations to help bridge the funding gap. Developers can also take advantage of smaller opportunities to reduce costs like reusing on-site infrastructure as part of the new development.

Power House Case Study: Leveraging State Tax Credits for Adaptive Reuse

Missouri state tax credits for adaptive reuse accounted for 45 cents of every dollar spent on this power plant redevelopment project. The 1928 municipal power plant building sat empty for nearly 30 years after its decommissioning in 1980. The Power House site in St. Louis, Missouri, was purchased in 2007 by an architecture firm and transformed into office space.

Power House Case Study [PDF]