Monday, February 2, 2009

Revolving Loan Program for Renewable Energy

The Alternate Energy Revolving Loan Program (AERLP) is administered by the Iowa Energy Center and funded by the state's investor-owned utilities. The AERLP provides loan funds to individuals and organizations that seek to build renewable energy production facilities in Iowa. Eligible renewable energy technologies include solar, biomass, wind and small hydro. Successful applicants will receive a single, low-interest loan that consists of a combination of AERLP funds and matching lender-provided funds. The AERLP provides 50% of the total loan at 0% interest, with a maximum of $1 million. The remainder of the loan is provided by a lender at market rate. The maximum loan term allowed for the AERLP funds is 20 years. As the loans are paid back to the Iowa Energy Center, those funds are channeled back into the program and are made available to new applicants.

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