H.B. 351, signed in 2007, created a $5 million revolving loan fund to provide zero-interest loans for energy conservation projects in K-12 schools and school districts in Utah. H.B. 318 of 2010 amended the loan program to make political subdivisions, including counties, cities, and towns eligible for loans through the program. In December 2015, the revolving loan program became known as the U-Save Energy Efficiency Fund.

Loans are provided for the retrofit of existing buildings as well as energy efficiency upgrades to new buildings. However, loans can not be used for new buildings to meet the Utah energy code. Loans for new construction can only be used for measures which surpass the prescriptive requirements of the Utah energy code and result in a completed building which exceeds the performance standards of the energy code for its building type by 10%. Renewable energy systems are also eligible for loan funds. 

Loans can be between $5,000 and $1 million per project. Projects must have a simple payment period of two to twelve years; a preference is given to projects with a six-year payback. The maximum interest rate is 2%, and interest rates are fixed over the term of the loan.

In addition to loans, technical assistance will also be provided to help public agencies and school districts conduct energy audits, design and implement energy efficiency projects, and maximize energy savings. More details on the fund can be found in the Program Guidebook.