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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
  • Term cannot exceed 20 years. Term offered is selected using the shortest of: 
    • Estimated useful project life
    • Estimated project return on investment
    • Term of any other loan used to finance the project

Application Timeframes

  • Applications are open in quarterly timeframes in IowaGrants.gov
  • Costs incurred prior to IEC Board approval are ineligible
  • 2020 timeframes are planned as follows

Application Opens

Application Deadline 

IEC Board Meeting

May 26, 2020

June 25, 2020

August 6, 2020

August 17, 2020

September 17, 2020

October 29, 2020

Program Contact(s)

Stephanie Weisenbach
515.348.6221
aerlp@iowaeda.com

 
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