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Alaska

Alaska

Incentives/Policies for Renewables & Efficiency

Printable Version
Alternative Energy Conservation Loan Fund   

Last DSIRE Review: 11/13/2014
Program Overview:
State: Alaska
Incentive Type: State Loan Program
Eligible Efficiency Technologies: Furnaces , Boilers, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Doors, Custom/Others pending approval
Eligible Renewable/Other Technologies: Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Fuel Cells using Renewable Fuels, Other Distributed Generation Technologies
Applicable Sectors: Commercial
Maximum Incentive:Maximum loan amount is $50,000.00. Loan requests over $30,000 require a letter of denial from a financial institution, stating the reason(s) for denial, or confirmation that a loan from a financial institution is contingent on the applicant receiving a loan from the fund.
Terms:Maximum loan term is 20 years.
Web Site: http://commerce.alaska.gov/dnn/ded/FIN/LoanPrograms/AlternativeEn...
Authority 1:
AS 45.88.010 - 45.88.090
Authority 2:
3 AAC 78.010 - 3 AAC 78.900
Summary:

The Division of Economic Development, Department of Commerce, Community, and Economic Development is providing loans to purchase, construct and install alternative energy systems or energy conservation improvements in commercial buildings. The program defines an alternative energy system as a source of thermal, mechanical or electrical energy that is not dependent on oil, gas, or nuclear fuel for the supply of energy for space heating and cooling, refrigeration and cold storage, electrical power, mechanical power, or heating of water. Applicants must be Alaska residents for the 12 months prior to the date of application to be eligible. If the applicant is a partnership or corporation, each individual owning an interest must complete an application, and those with a 20% or greater ownership stake must complete a residency questionnaire and a financial statement. 

The maximum loan amount is $50,000. Applications for loans over $30,000 must include a letter of denial from a financial institution stating the reason for denial, or specifying that the loan is contingent upon receiving additional funds from the state fund. The maximum loan term is 20 years. 

The interest rate will be fixed at the time of loan approval and current rates can be found on the program website. All loans must be adequately secured, include a lien on real property, and the improvements financed. A $100 application fee (non-refundable) must accompany all applications. A 1% origination fee is due at closing. Borrower is responsible to pay all direct costs incurred in processing an application including title reports and title insurance, recording fees, appraisals, travel or other direct costs. 

 
 

 
Contact:
  Loan Program
Department of Commerce, Community, and Economic Development
Division of Economic Development
550 W. 7th Avenue Suite 1770
Anchorage, AK 99501
Phone: (800) 478-5626
E-Mail: financing@alaska.gov
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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.