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Iowa

Iowa

Incentives/Policies for Renewables & Efficiency

Printable Version
Iowa Energy Bank   

Last DSIRE Review: 08/18/2014
Program Overview:
State: Iowa
Incentive Type: State Loan Program
Eligible Efficiency Technologies: Lighting, Lighting Controls/Sensors, Chillers , Furnaces , Boilers, Heat pumps, Central Air conditioners, Caulking/Weather-stripping, Building Insulation, Custom/Others pending approval
Eligible Renewable/Other Technologies: Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Wind, Biomass, Hydroelectric, Geothermal Heat Pumps
Applicable Sectors: Nonprofit, Schools, Local Government, State Government, Institutional, Hospitals
Amount:Varies by project
Maximum Incentive:None specified
Terms:1% or higher interest rate
2% origination fee
0.25% servicing fee
Up to 15-year repayment period
Funding Source:Program income, limited federal funds
Web Site: http://www.iowaeconomicdevelopment.com/Energy/energybank
Authority 1:
Date Enacted:
Iowa Code ยง 473.19 et seq.
05/01/1986
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.


 
Contact:
  Paritosh Kasotia
Phone: (515) 725-0434
E-Mail: paritosh.kasotia@iowa.gov
 
  Bruce Nuzum
Iowa Area Development Group
2700 Westown Pkwy
Suite 425
West Des Moines, IA 50266
Phone: (515) 223-4817
E-Mail: bnuzum@iadg.com
Web Site: http://www.iadg.com/services/financial-assistance/iadg-energy-bank.aspx
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.