City of Seattle - Community Power Works Loan Program (Washington)
Last modified on February 12, 2015.
Financial Incentive Program
|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|
|Energy Category||Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs|
|Funding Source||US Dept. of Energy Better Buildings Program|
|Maximum Incentive|| Residential: $50,000|
|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|
|References||Database of State Incentives for Renewables and Efficiency (DSIRE)|
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.
|Contact Name||Community Power Works Information|
|Division||Community Power Works|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.