Energy Efficiency Interest Rate Reduction Program (Alaska)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Energy Efficiency Interest Rate Reduction Program|
|Incentive Type||State Loan Program|
|Eligible Technologies||Comprehensive Measures/Whole Building|
|Energy Category||Energy Efficiency Incentive Programs|
|Amount|| New Homes: Rate reduction of .25% - .50%|
Existing Homes: Rate reduction of .125% - .375%
|Maximum Incentive||Rate reduction applies to first $200,000; after this amount, a blended interest rate applies.|
|Program Administrator||Alaska Housing Finance Corporation|
|Date added to DSIRE||2006-05-18|
|Last DSIRE Review||2013-01-31|
The Alaska Housing Finance Corporation (AHFC) offers interest rate reductions to home buyers purchasing new and existing homes with 5 Star and 5 Star Plus energy ratings. All homes constructed on or after March 9, 2011, must meet Alaska Building Energy Efficiency Standard (BEES) 2011. Rate reductions are also available for energy improvements to older, existing home purchases. Any property that can be energy rated and is otherwise eligible for AHFC financing may qualify for this program.
For new and existing home purchases that are rated 5 Star or 5 Star Plus, applicants are eligible for an interest rate reduction for the first $200,000 of the loan amount, with a blended interest rate applying to the remainder of the loan amount. The rate reductions are dependent on a property's access to natural gas and the energy rating of the home. Homes without access to natural gas receive a greater interest rate reduction than homes with access to natural gas. A residence that has an energy rating of 5 Star and a Building Technology Certificate will be eligible for the 5 Star Plus interest rate reduction.
For homes that have energy improvements, a rate reduction is available for applicants, based on the number of steps of improvement to the energy rating of the property. An applicant should have the lender contact AHFC to inform them that the borrower intends to participate in the rate reduction program. After loan closing, energy improvements should be completed within one year. After an energy rating has been completed, AHFC will modify the interest rate accordingly. The program is available through AHFC-approved lenders.
|Contact Name||James Ord|
|Department||Alaska Housing Finance Corporation|
|Address||P.O. Box 101020|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.