The Energy Infrastructure Reinvestment Program: Federal financing for an equitable, clean economy

This report by RMI analyzes the US Department of Energy's Energy Infrastructure Reinvestment (EIR) program, specifically how utilities can use its low-cost financing to refinance legacy fossil fuel asset costs and invest in clean energy. Through modeling of two utilities—Alliant in Iowa and Ameren in Missouri—the report demonstrates that EIR financing can significantly reduce costs for ratepayers compared to traditional utility financing or securitization.

• The Energy Infrastructure Reinvestment (EIR) program, administered by the Department of Energy's Loan Programs Office (LPO), provides up to $250 billion in loans with a $5 billion credit subsidy appropriation. Its purpose is to repurpose existing energy infrastructure and build new clean energy assets using proven technologies such as wind, solar, and battery storage.
• EIR financing offers significant advantages over traditional corporate borrowing, with loan rates priced just 37.5 basis points above US Treasury bonds. The program allows for tenors of up to 30 years and can cover up to 80 percent of total project costs, including refinancing, remediation, and decommissioning costs.
• The EIR program faces a strict statutory deadline, requiring loan approvals by the end of September 2026, although loan disbursements and project construction may continue through 2031.
• Modeling for Union Electric Company (Ameren) in Missouri indicates that using EIR to recover costs for the Rush Island coal plant and finance new clean energy could save ratepayers $413 million in NPV terms. This is significantly more effective than Ameren's proposed 15-year securitization bond, which would save ratepayers $72 million.
• Several US utilities have publicly announced intentions to apply for EIR funding, including Duke Energy in the Carolinas, Consumers Energy in Michigan, Portland General Electric in Oregon, and Alliant Energy in Wisconsin and Iowa. Additionally, public utility commissions in Colorado, Louisiana, and Arkansas have directed utilities to study the program's utility.

APA

RMI (2024). The Energy Infrastructure Reinvestment Program: Federal financing for an equitable, clean economy. https://rmi.org/resources/the-energy-infrastructure-reinvestment-program-federal-financing-for-an-equitable-clean-economy/

Chicago

RMI. The Energy Infrastructure Reinvestment Program: Federal financing for an equitable, clean economy. 2024. https://rmi.org/resources/the-energy-infrastructure-reinvestment-program-federal-financing-for-an-equitable-clean-economy/.

Wikipedia

{{cite report |author=RMI |title=The Energy Infrastructure Reinvestment Program: Federal financing for an equitable, clean economy |date=16 February 2024 |url=https://rmi.org/resources/the-energy-infrastructure-reinvestment-program-federal-financing-for-an-equitable-clean-economy/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rmi2024energy, author = {{RMI}}, title = {{The Energy Infrastructure Reinvestment Program: Federal financing for an equitable, clean economy}}, institution = {RMI}, year = {2024}, month = feb, url = {https://rmi.org/resources/the-energy-infrastructure-reinvestment-program-federal-financing-for-an-equitable-clean-economy/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }