Iowa Energy Bank (Iowa)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Iowa


Name Iowa Energy Bank
Incentive Type State Loan Program
Applicable Sector Nonprofit, Schools, Local Government, State Government, Institutional, Hospitals
Eligible Technologies Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, Caulking/Weather-stripping, Building Insulation, Custom/Others pending approval, Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Wind, Biomass, Hydroelectric, Geothermal Heat Pumps
Active Incentive Yes
Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
Amount Varies by project






Funding Source Program income, limited federal funds



Maximum Incentive None specified





Terms 1% or higher interest rate

2% origination fee
0.25% servicing fee
Up to 15-year repayment period

Program Administrator Iowa Office of Energy Independence
Website http://www.iowaeconomicdevelopment.com/Energy/energybank


References DSIRE[1]


Summary

The Iowa Energy Bank offers Iowa's public facilities, schools, area education agencies, colleges, universities, hospitals and local governments a 1% financing option for the implementation of renewable energy and energy efficiency projects. Eligible applicants need no upfront capital and loans are repaid using the energy bill savings. In order to get started, applicants complete a pre-application and provide an up-to-date energy study. Additional terms of the loan include a 2% origination fee, a 0.25% servicing fee, and a 15-year repayment period.


The Iowa Energy Bank program is actively marketed to eligible entities and has resulted in over $400 million in energy efficiency improvements. Program administration was moved to the Iowa Department of Administrative Services in 2011.

Incentive Contact

Contact Name Paritosh Kasotia




Phone (515) 725-0434


Email paritosh.kasotia@iowa.gov
Contact Name Bruce Nuzum
Department Iowa Area Development Group
Address 2700 Westown Pkwy
Address 2 Suite 425
Place West Des Moines, Iowa
Zip/Postal Code 50266
Phone (515) 223-4817


Email bnuzum@iadg.com
Website http://www.iadg.com/services/financial-assistance/iadg-energy-bank.aspx


Authorities (Please contact the if there are any file problems.)

Authority 1: Iowa Code § 473.19 et seq.
Date Enacted 1986-05-01


















  • 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" Cite error: Invalid <ref> tag; name "DSIRE" defined multiple times with different content