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Alabama

Alabama

Incentives/Policies for Energy Efficiency

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AlabamaSAVES Revolving Loan Program   

Last DSIRE Review: 08/01/2014
Program Overview:
State: Alabama
Incentive Type: State Loan Program
Eligible Efficiency Technologies: Water Heaters, Lighting, Lighting Controls/Sensors, CHP/Cogeneration, Steam-system upgrades, Energy Mgmt. Systems/Building Controls, Building Insulation, Windows, Doors, Commercial Refrigeration Equipment, Mechanical Systems and Components, including HVAC, Controls, Steam and Hot Water Upgrades, LED Lighting, CNG, LNG and Propane Conversions
Eligible Renewable/Other Technologies: Solar Water Heat, Photovoltaics, Biomass, Hydroelectric, Geothermal Electric, CHP/Cogeneration, Methane Capture, Small Hydroelectric, Renewable Fuels, Fuel Cells using Renewable Fuels
Applicable Sectors: Commercial, Industrial, Institutional
Amount:Minimum loan: $50,000
Maximum Incentive:Maximum loan: $4,000,000
Terms:Interest Rate: 1%
Loan Length: 10 year maximum
Application fee: $500 for projects less than $250,000; $1,000 for projects over $250,000
Program origination fee: (3% for direct loans, 2% and reasonable and customary costs from a participating lender partner for subsidized loans). Origination fees are subject to a minimum of $2,000.
Funding Source:American Recovery and Reinvestment Act (ARRA); Additional funding from private lenders
Program Budget:$70,000,000
Web Site: http://www.alabamasaves.com/
Summary:

The Alabama Department of Economic and Community Affairs (ADECA) offers an energy efficiency and renewable energy revolving loan fund called AlabamaSAVES. The funds are available to businesses and industries located in Alabama for retrofitting existing facilities. A variety of technologies are eligible; see the program technical guide for full details.

In order to apply, interested parties must first contact an AlabamaSaves representative. Upon receiving and submitting the necessary paperwork, a consultation on financing and next steps is scheduled. The Loan Application formalizes the request for a subsidy or direct loan. The process requires that an energy assessment, defining the project and estimated energy savings impact, be submitted and reviewed to ensure a simple payback of 10 years or better.

The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans and as a loan subsidy program enabling low cost loans from private lenders through credit enhancements – interest rate buydowns and loan loss reserves. The fund was initially capitalized with American Recovery and Reinvestment Act (ARRA) funding. Please see the program web site for additional information and program materials.

 


 
Contact:
  Abundant Power Solutions
1355 Greenwood Cliff
Suite 300
Charlotte, NC 28204
Phone: (704) 271-9890
Phone 2: (888) 271-9378
Fax: (704) 271-9891
E-Mail: info@alabamasaves.com
Web Site: http://www.abundantpower.com
 
  Kathy Hornsby
Alabama Department of Economic and Community Affairs
Energy Division
P.O. Box 5690
401 Adams Avenue
Montgomery, AL 36103
Phone: (334) 242-5284
Fax: (334) 242-0552
E-Mail: kathy.hornsby@adeca.alabama.gov
Web Site: http://www.adeca.alabama.gov/energy
 
  Michael McHugh
Abundant Power Solutions
2001 Park Place, Suite 259
Birmingham, AL 35203
Phone: ((20) 5) -502-
Phone 2: ((25) 1) -510-
E-Mail: mmchugh@abundantpower.com
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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.