City of Seattle - Community Power Works Loan Program (Washington)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Washington

Name City of Seattle - Community Power Works Loan Program
Incentive Type Local Loan Program
Applicable Sector Commercial, Residential
Eligible Technologies Building Insulation, Duct/Air sealing, Furnaces, Heat pumps, Water Heaters, Windows, Unspecified technologies
Active Incentive Yes

Implementing Sector Local
Energy Category Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs











Funding Source US Dept. of Energy Better Buildings Program




Maximum Incentive Residential: $50,000

Business: $2,000,000





Program Budget $20 million




Terms Residential: Varies, depending on lender

Business: Varies, depending on lender

Program Administrator City of Seattle Office of Sustainability and Environment
Website http://www.communitypowerworks.org/

Last DSIRE Review 2013-02-13
Last Substantive Modification
to Summary by DSIRE
2012-03-28


References Database of State Incentives for Renewables and Efficiency (DSIRE)[1]


Summary

Community Power Works, funded by the U.S. Department of Energy's Better Buildings Program, offers loans and rebates for eligible energy efficiency improvements to homes and businesses. In addition, Community Power Works partners with Seattle City Light to offer energy assessments for businesses for free and at a reduced rate of $95 for homeowners.

Once a home or business is assessed, customers select energy efficiency improvements and apply for financing. Loan amounts are calculated after factoring in other rebates and incentives. For homes, loans from available from two lending partners. Craft3 loans are available for up to $30,000, with interest rates fixed at 3.39% APR or 4.49% APR, depending on the income level of the homeowner. Loan terms range from 3 to 20 years, and loans are typically repaid on Seattle City Light bills. Loans through Puget Sound Cooperative Credit Union are available up to $50,000, with interest rates fixed between 4.25% and 8.74%. Loan terms up to 15 years are available. Renewable energy projects, such as solar, can be included in Puget Sound Cooperative Credit Union loans.

For businesses, loans are available through two lenders. Loans offered through Craft3 carry a 5-year term and interest rate of 4%. Typically, loans of up to $100,000 are available through Craft3. This loan can be repaid on Seattle City Light bills. Loans from $100,000 to $2,000,000 are offered through the Grow Seattle Fund. These loans carry a 10-year term and an interest rate of 2% for the first five years. Afterwards, the loans carry an interest rate of the WSJ Prime plus 1.50%, variable quarterly.


Incentive Contact

Contact Name Community Power Works Information

Division Community Power Works


Place Seattle, Washington

Phone (206)449-1170


Email info@communitypowerworks.org
Website http://www.communitypowerworks.org/
     
     


















  • 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 (DSIRE)"