Iowa Energy Bank (Iowa)

Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place	Iowa
Name	Iowa Energy Bank
Incentive Type	State Loan Program
Applicable Sector	Nonprofit, Schools, Local Government, State Government, Institutional, Hospitals
Eligible Technologies	Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, Caulking/Weather-stripping, Building Insulation, Custom/Others pending approval, Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Wind, Biomass, Hydroelectric, Geothermal Heat Pumps
Active Incentive	Yes
Implementing Sector	State/Territory
Energy Category	Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
Amount	Varies by project
Funding Source	Program income, limited federal funds
Maximum Incentive	None specified
Terms	1% or higher interest rate 2% origination fee 0.25% servicing fee Up to 15-year repayment period
Program Administrator	Iowa Office of Energy Independence
Website	http://www.iowaeconomicdevelopment.com/Energy/energybank
References	DSIRE

Summary

The Iowa Energy Bank offers Iowa's public facilities, schools, area education agencies, colleges, universities, hospitals and local governments a 1% financing option for the implementation of renewable energy and energy efficiency projects. Eligible applicants need no upfront capital and loans are repaid using the energy bill savings. In order to get started, applicants complete a pre-application and provide an up-to-date energy study. Additional terms of the loan include a 2% origination fee, a 0.25% servicing fee, and a 15-year repayment period.

The Iowa Energy Bank program is actively marketed to eligible entities and has resulted in over $400 million in energy efficiency improvements. Program administration was moved to the Iowa Department of Administrative Services in 2011.

Incentive Contact

Contact Name	Paritosh Kasotia
Phone	(515) 725-0434
Email	paritosh.kasotia@iowa.gov

Contact Name	Bruce Nuzum
Department	Iowa Area Development Group
Address	2700 Westown Pkwy
Address 2	Suite 425
Place	West Des Moines, Iowa
Zip/Postal Code	50266
Phone	(515) 223-4817
Email	bnuzum@iadg.com
Website	http://www.iadg.com/services/financial-assistance/iadg-energy-bank.aspx

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

Authority 1:	Iowa Code § 473.19 et seq.
Date Enacted	1986-05-01

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