The Delaware County Electric Cooperative received $5 million in low-cost financing as part of loan guarantees announced by the U.S Department of Agriculture on Thursday, according to a media release. The money will be used to modernize and improve the efficiency of rural electric generation and transmission systems.
The Rural Utility Service, a part of the USDA, provides this low-cost funding, Delaware County Electric Cooperative Chief Executive Officer and General Manager Mark Schneider said, adding that this type of financing is a normal part of the business and an important part of what keeps rates competitive.
The financing will be used over four to five years to build and improve 53 miles of distribution lines and two substations and make other improvements. It includes $50,660 to improve the efficiency of distribution system through a smart grid project, he said.