AlabamaSAVES Revolving Loan Program (Alabama)

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Summary

Last modified on December 17, 2014.

Financial Incentive Program

Place Alabama

Name AlabamaSAVES Revolving Loan Program
Incentive Type State Loan Program
Applicable Sector Commercial, Industrial, Institutional
Eligible Technologies Water Heaters, Lighting, Lighting Controls/Sensors, Steam-system upgrades, Energy Mgmt. Systems/Building Controls, Building Insulation, Windows, Doors, CHP/Cogeneration, Solar Water Heat, Photovoltaics, Biomass, Hydroelectric, Geothermal Electric, CHP/Cogeneration, Small Hydroelectric, Renewable Fuels, Fuel Cells using Renewable Fuels, Natural Gas, LED Lighting
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
Amount Minimum loan: 50,000










Funding Source American Recovery and Reinvestment Act (ARRA); Additional funding from private lenders




Maximum Incentive Maximum loan: 4,000,000




Program Budget $70,000,000




Terms Interest Rate: 1% as of December 2014

Loan Length: 10 year maximum
Application fee: 500 for projects less than 250,000; 1,000 for projects over 250,000
Program origination fee: (3% for direct loans, 2% and reasonable and customary costs from a participating lender partner for subsidized loans). Origination fees are subject to a minimum of 2,000.

Program Administrator Abundant Power
Website http://www.alabamasaves.com/
Date added to DSIRE 2010-12-10
Last DSIRE Review 2014-08-01



References DSIREDatabase of State Incentives for Renewables and Efficiency[1]


Summary

The Alabama Department of Economic and Community Affairs (ADECA) offers an energy efficiency and renewable energy revolving loan fund called AlabamaSAVES. The funds are available to businesses and industries located in Alabama for retrofitting existing facilities. A variety of technologies are eligible; see the program technical guide for full details.


In order to apply, interested parties must first contact an AlabamaSaves representative. Upon receiving and submitting the necessary paperwork, a consultation on financing and next steps is scheduled. The Loan Application formalizes the request for a subsidy or direct loan. The process requires that an energy assessment, defining the project and estimated energy savings impact, be submitted and reviewed to ensure a simple payback of 10 years or better.


The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans and as a loan subsidy program enabling low cost loans from private lenders through credit enhancements – interest rate buydowns and loan loss reserves. The fund was initially capitalized with American Recovery and Reinvestment Act (ARRA) funding. Please see the program web site for additional information and program materials.


Incentive Contact

Department Abundant Power Solutions

Address 1355 Greenwood Cliff
Address 2 Suite 300
Place Charlotte, North Carolina
Zip/Postal Code 28204
Phone (704) 271-9890
Phone 2 (888) 271-9378

Email info@alabamasaves.com
Website http://www.abundantpower.com
Contact Name Kathy Hornsby
Department Alabama Department of Economic and Community Affairs
Division Energy Division
Address P.O. Box 5690
Address 2 401 Adams Avenue
Place Montgomery, Alabama
Zip/Postal Code 36103
Phone (334) 242-5284


Email kathy.hornsby@adeca.alabama.gov
Website http://www.adeca.alabama.gov/energy
Contact Name Michael McHugh
Department Abundant Power Solutions

Address 2001 Park Place, Suite 259

Place Birmingham, Alabama
Zip/Postal Code 35203
Phone ((20) 5) -502-
Phone 2 ((25) 1) -510-

Email mmchugh@abundantpower.com



  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"