Alternate Energy Revolving Loan Program
| Program Type | No-interest Loan |
|---|---|
| Technologies | Photovoltaics, Solar Hot Water Heating, Solar Thermal, Solar Space Heat |
| Amount | 50 Percent of installation costs covered |
| Required Documentation | Technical Application Form |
| Official Web Site | http://www.energy.iastate.edu/AERLP/index.htm |
Iowa’s Alternate Energy Revolving Loan Program (AERLP) is funded at $15.9 million, $5.9 million from fees previously assessed against the state’s investor-owned utilities and $10 million from the state. The center said AERLP is available to fund numerous types of projects, including solar, biomass, small hydro and wind turbines. The program is administered by the Iowa Energy Center.
According to the center, the no-interest loans are granted “based on both the technical merit of a project and the financial qualifications of the applicant.” The center will fund 50 percent of projects, from residential clean energy projects, up to $1 million projects. However, matching funds must come from a lender of the applicant’s choice. As loans are repaid, the funds become available for loans to future projects. The maximum repayment period is 20 years.
Applicants must submit a technical application form, explaining their renewable energy project. Applications for projects with a total cost of $50,000 or less are reviewed continually. Projects that cost more are reviewed on a quarterly basis. Deadlines for larger projects seeking funds are on October 31, January 31, April 30 and July 31. Applications must be postmarked by the closing date of a cycle to be considered during that round. As of September 2010, the program said it has funded 133 renewable energy projects. “These facilities have an annual energy production equivalent to 1,850,783 MWh,” the center said.
