Dollar and Energy Savings Loans
| Program Type | State Loan Program |
|---|---|
| Technologies |
Photovoltaics (Solar Panels), Solar Water Heat, Solar Space Heat, among other renewable energy equipment and energy-efficient appliances |
| Amount | Varies, but is generally between $35,000 and $75,000 for homeowners |
| Required Documentation | Loan application from your financial institution or the State Energy Office |
| Official Web Site | http://www.neo.ne.gov/loan/ |
The Nebraska Energy Office, with help from funds made available by the American Recovery and Reinvestment Act, has awarded over $205 million in loans for renewable energy and energy-efficient improvements to homes and businesses in Nebraska since 1990. While only a few renewable energy projects have been funded by this loan, in theory it could be used for any solar energy system that meets certain requirements. To qualify, the solar energy system would have to be on the list of “pre-qualified improvments” that meet minimum energy efficiency requirements, or the loan application would have to be submitted with an energy audit showing that the project would have a reasonable payback period.
Local financial institutions are heavily involved in this loan program, so if you are interested in applying, a great first step would be to contact your local lender. Your lender will then contact the Nebraska Energy Office, which will then purchase between 50 to 75% of the loan at 0% interest, making the interest you must pay the lender either 5 percent or 2.5 percent, respectively, over the course of 5 to 15 years. After the State Energy Office has approved the loan, you have 5 months to complete any remaining qualifying work, so make sure that you have thoroughly researched the loan terms and your renewable energy project before applying.
