AlabamaSAVES Revolving Loan Program (Alabama)
Summary
Last modified on December 17, 2014.
Financial Incentive Program
| Place | Alabama
|
|---|---|
| Name | AlabamaSAVES Revolving Loan Program |
| Incentive Type | State Loan Program |
| Applicable Sector | Commercial, Industrial, Institutional |
| Eligible Technologies | Water Heaters, Lighting, Lighting Controls/Sensors, Steam-system upgrades, Energy Mgmt. Systems/Building Controls, Building Insulation, Windows, Doors, CHP/Cogeneration, Solar Water Heat, Photovoltaics, Biomass, Hydroelectric, Geothermal Electric, CHP/Cogeneration, Small Hydroelectric, Renewable Fuels, Fuel Cells using Renewable Fuels, Natural Gas, LED Lighting |
| Active Incentive | Yes |
| Implementing Sector | State/Territory |
| Energy Category | Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs |
| Amount | Minimum loan: 50,000
|
| Funding Source | American Recovery and Reinvestment Act (ARRA); Additional funding from private lenders
|
| Maximum Incentive | Maximum loan: 4,000,000
|
| Program Budget | $70,000,000
|
| Terms | Interest Rate: 1% as of December 2014 Loan Length: 10 year maximum |
| Program Administrator | Abundant Power |
| Website | http://www.alabamasaves.com/
|
| References | DSIREDatabase of State Incentives for Renewables and Efficiency[1] |
Summary
The Alabama Department of Economic and Community Affairs (ADECA) offers an energy efficiency and renewable energy revolving loan fund called AlabamaSAVES. The funds are available to businesses and industries located in Alabama for retrofitting existing facilities. A variety of technologies are eligible; see the program technical guide for full details.
In order to apply, interested parties must first contact an AlabamaSaves representative. Upon receiving and submitting the necessary paperwork, a consultation on financing and next steps is scheduled. The Loan Application formalizes the request for a subsidy or direct loan. The process requires that an energy assessment, defining the project and estimated energy savings impact, be submitted and reviewed to ensure a simple payback of 10 years or better.
The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans and as a loan subsidy program enabling low cost loans from private lenders through credit enhancements – interest rate buydowns and loan loss reserves. The fund was initially capitalized with American Recovery and Reinvestment Act (ARRA) funding. Please see the program web site for additional information and program materials.
Incentive Contact
| Department | Abundant Power Solutions |
|---|---|
| Address | 1355 Greenwood Cliff |
| Address 2 | Suite 300 |
| Place | Charlotte, North Carolina |
| Zip/Postal Code | 28204 |
| Phone | (704) 271-9890 |
| Phone 2 | (888) 271-9378 |
| info@alabamasaves.com | |
| Website | http://www.abundantpower.com |
| Contact Name | Kathy Hornsby |
|---|---|
| Department | Alabama Department of Economic and Community Affairs |
| Division | Energy Division |
| Address | P.O. Box 5690 |
| Address 2 | 401 Adams Avenue |
| Place | Montgomery, Alabama |
| Zip/Postal Code | 36103 |
| Phone | (334) 242-5284
|
| kathy.hornsby@adeca.alabama.gov | |
| Website | http://www.adeca.alabama.gov/energy |
| Contact Name | Michael McHugh |
|---|---|
| Department | Abundant Power Solutions |
| Address | 2001 Park Place, Suite 259 |
| Place | Birmingham, Alabama |
| Zip/Postal Code | 35203 |
| Phone | ((20) 5) -502- |
| Phone 2 | ((25) 1) -510- |
| mmchugh@abundantpower.com |
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]
References
- ↑ 1.0 1.1 "Database of State Incentives for Renewables and Efficiency" Cite error: Invalid
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