Dollar and Energy Savings Loans (Nebraska)
Last modified on December 17, 2014.
Financial Incentive Program
|Name||Dollar and Energy Savings Loans|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Residential, Nonprofit, Local Government, Multi-Family Residential, Agricultural, Institutional, Energy Star Partners|
|Eligible Technologies||Clothes Washers/Dryers, Dishwasher, Refrigerators, Dehumidifiers, Ceiling Fan, Equipment Insulation, Water Heaters, Lighting, Lighting Controls/Sensors, Furnaces, Boilers, Heat pumps, Central Air conditioners, Heat recovery, Programmable Thermostats, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Roofs, Custom/Others pending approval, Solar Water Heat, Solar Space Heat, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Electric, Fuel Cells, Geothermal Heat Pumps, Municipal Solid Waste, Tankless Water Heaters|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Funding Source|| Oil Overcharge Funds; miscellaneous state, public power district, and federal funds
|Maximum Incentive|| Traditional Dollar and Energy Savings Loans:|
|Terms|| Effective interest rate varies between 2.5% and 5% depending on the project. |
Payback term ranges between 3 and 15 years.
|Program Administrator||Nebraska Energy Office|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
The Nebraska Dollar and Energy Savings Loan program was created in 1990 using oil overcharge funds. The program, administered by the Nebraska Energy Office, makes available low-interest loans for residential and commercial energy efficiency improvements and renewable energy projects.
Renewable energy projects may be eligible for a loan under one of two circumstances. First, a project may be eligible if it is included in a list of prequalified improvements. This list includes a variety of renewable energy projects, including wind, photovoltaics, solar hot water heating, and fuel cells. Second, projects not listed as prequalified improvements may be eligible with the submission of an energy audit that verifies that the project will have a reasonable payback period (varies by improvement type).
The program works by leveraging of State Energy Office funds through collaboration with individual Nebraska banks, savings institutions, and credit unions. An individual seeking a loan under this program first approaches his or her financial institution, which approves the project on financial terms. The financial institution then gains approval from the Energy Office, who can purchase 50%, 65%, or 75% of the loan at 0% to deliver a low interest rate to the borrower.
Terms and Conditions
Under the program the simple interest rates are 5%, 3.5%, or 2.5% for the borrower, depending on the project. Prequalified projects are financed with a low-interest loan for up to 15 years for home and building improvements, 5 years for appliances, and 3 to 10 years for other prequalified projects.
Most loan applications are reviewed and processed within 10 working days. All qualifying work should be completed within 5 months of Energy Office's commitment of funds to invest in lender's fund.
As of August 2011, about 300 lenders at 900 Nebraska locations offer Dollar and Energy Savings Loans, and more than $250,000,000 has financed more than 26,000 projects.
|Contact Name||Jack Osterman|
|Department||Nebraska Energy Office|
|Address||P.O. Box 95085|
|Address 2||1111 O Street, Suite 223|
|Phone|| (402) 471-2867
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.
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