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

From Open Energy Information

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/


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.

<metadesc> City of Seattle - Community Power Works Loan Program: energy incentive program. </metadesc>

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)"