Rental Energy Loan Fund (Minnesota)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Minnesota

Name Rental Energy Loan Fund
Incentive Type State Loan Program
Applicable Sector Multi-Family Residential, Residential
Eligible Technologies Boilers, Building Insulation, Comprehensive Measures/Whole Building, Custom/Others pending approval, Doors, Furnaces, Lighting, Water Heaters, Windows, Storm Windows, Storm Doors
Active Incentive No
Incentive Inactive Date 2012-04-03
Implementing Sector State/Territory
Energy Category Energy Efficiency Incentive Programs
Amount Varies










Funding Source Oil overcharge restitution funds




Maximum Incentive $20,000 per borrower









Terms 4.0% APR over term of up to 5 years; no penalty for prepayment
Program Administrator Center for Energy and Environment
Website http://mncee.org/Find-Programs-Financing/Rental-Energy-Loan-Program/
Date added to DSIRE 2005-07-01
Last DSIRE Review 2012-04-03
Last Substantive Modification
to Summary by DSIRE
2011-06-06


References DSIRE[1]


Summary

The Rental Energy Loan Fund provides financial assistance to owners of residential rental properties to increase the energy efficiency of their buildings. It is designed to assist owners in bringing the property into compliance with the Rental Energy Efficiency Standards. The program is not restricted to low-income owners, and covers a wide range of efficiency improvements for a property. Borrowers must own the property or be purchasing it through a mortgage or contract for deed. The property must contain at least one rental dwelling unit and have been built prior to May 1, 1989.

The maximum loan under this program is $20,000 and the maximum term is 5 years. The interest rate on all loans is 4.0% and there are no penalties for prepayment. On-site building analysis as well as prioritization, decision-making, and submission assistance are also provided. The fund is run by the Center for Energy and Environment's Financial Resources, and is sponsored by the Minnesota Department of Commerce. The loans will not cover improvements made prior to the date of loan application.


Incentive Contact

Contact Name Mark Opdahi
Department Center for Energy and Environment

Address 212 3rd Ave North
Address 2 Suite 560
Place Minneapolis, Minnesota
Zip/Postal Code 55401
Phone (612) 747-6725

Fax (612) 335-2650
Email mopdahl@mncee.org
Website http://www.mncee.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)"