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Alternate Energy Revolving Loan Program

ENCOURAGING ENERGY PRODUCTION THROUGH ZERO INTEREST LOANS

This program provides zero interest loans for the development of alternate energy production projects, including but not limited to solar, wind, biomass, and combined heat and power.

Eligible Borrowers

  • Individuals whose primary residence is in Iowa
  • Businesses registered and domiciled in Iowa
  • Water and wastewater utilities, rural water districts and sanitary districts

Loan Amounts

  • Minimum: $25,000 and up to 50% of eligible project costs
    • Eligible project costs must be a minimum of $50,000 
  • Maximum: $1 million per project and no more than $1 million per borrower outstanding at any time
  • Loan amount cannot exceed the value of the collateral

Application and Loan Terms

  • Applications must be submitted through IowaGrants.gov
  • Applicants will request a loan term, evaluated by the Iowa Economic Development Authority (IEDA) and Iowa Energy Center (IEC) Board
  • Funding decisions made quarterly by the IEC Board with loans through the IEDA
  • Loan term determined by Iowa Energy Center Board, primarily based on project cash flow and typically 5-10 years

Application Timeframes

  • Applications for 2020 projects will be accepted July 28 – October 1, 2020  
  • Costs incurred prior to IEC Board approval are ineligible
  • Applications should be submitted by the deadlines provided below to enable consideration at the corresponding board meeting

Application Deadline 

IEC Board Meeting

August 20, 2020

September 17, 2020

October 1, 2020

October 29, 2020

Program Contact(s)

Stephanie Weisenbach
515.348.6221
aerlp@iowaeda.com

 
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