Alternative Energy Conservation Loan Fund (Alaska)

Summary

Last modified on December 17, 2014.

Financial Incentive Program

Place	Alaska
Name	Alternative Energy Conservation Loan Fund
Incentive Type	State Loan Program
Applicable Sector	Commercial
Eligible Technologies	Furnaces, Boilers, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Doors, Custom/Others pending approval, Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Fuel Cells using Renewable Fuels, Other Distributed Generation Technologies
Active Incentive	Yes
Implementing Sector	State/Territory
Energy Category	Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
Maximum Incentive	Maximum loan amount is 50,000.00. Loan requests over 30,000 require a letter of denial from a financial institution, stating the reason(s) for denial, or confirmation that a loan from a financial institution is contingent on the applicant receiving a loan from the fund.
Terms	Maximum loan term is 20 years.
Program Administrator	The Division of Economic Development, Department of Commerce, Community, and Economic Development
Website	http://commerce.alaska.gov/dnn/ded/FIN/LoanPrograms/AlternativeEnergyLoanProgram.aspx
References	DSIREDatabase of State Incentives for Renewables and Efficiency

Summary

The Division of Economic Development, Department of Commerce, Community, and Economic Development is providing loans to purchase, construct and install alternative energy systems or energy conservation improvements in commercial buildings. The program defines an alternative energy system as a source of thermal, mechanical or electrical energy that is not dependent on oil, gas, or nuclear fuel for the supply of energy for space heating and cooling, refrigeration and cold storage, electrical power, mechanical power, or heating of water. Applicants must be Alaska residents for the 12 months prior to the date of application to be eligible. If the applicant is a partnership or corporation, each individual owning an interest must complete an application, and those with a 20% or greater ownership stake must complete a residency questionnaire and a financial statement.

The maximum loan amount is $50,000. Applications for loans over $30,000 must include a letter of denial from a financial institution stating the reason for denial, or specifying that the loan is contingent upon receiving additional funds from the state fund. The maximum loan term is 20 years.

The interest rate will be fixed at the time of loan approval and current rates can be found on the program website. All loans must be adequately secured, include a lien on real property, and the improvements financed. A $100 application fee (non-refundable) must accompany all applications. A 1% origination fee is due at closing. Borrower is responsible to pay all direct costs incurred in processing an application including title reports and title insurance, recording fees, appraisals, travel or other direct costs.

Incentive Contact

Contact Name	Loan Program
Department	Department of Commerce, Community, and Economic Development
Division	Division of Economic Development
Address	550 W. 7th Avenue Suite 1770
Place	Anchorage, Alaska
Zip/Postal Code	99501
Phone	(800) 478-5626
Email	financing@alaska.gov

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

Authority 1:	AS 45.88.010 - 45.88.090

Authority 2:	[JUMP:%27Title3Chap78%27/doc/{@1}?firsthit 3 AAC 78.010 - 3 AAC 78.900]

• Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.