Calif. launches program for cleaner diesel vehicles
The state has launched a loan-guarantee program to help construction companies and other heavy-equipment users replace aging off-road diesel vehicles with cleaner models.
The program is a joint effort between the California Air Resources Board and the California Capital Access Program, or CalCAP, which uses federal economic stimulus money. In addition to construction, it focuses on the agricultural, mining and industrial sectors.
Unlike incentive funding that’s been offered since April 2009 for on-road diesel vehicles, this program is for off-road vehicles and includes diesel-powered portable equipment such as wood chippers and generators, ARB officials said.
The program makes financial institutions more apt to lend money to “a category of people who may not have the best credit,” said John Kato, a manager of strategic planning and development at ARB. The program ensures that banks can more easily recoup any losses, he said.
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