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Iowa

Iowa

Incentives/Policies for Renewable Energy

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Alternate Energy Revolving Loan Program   

Last DSIRE Review: 04/18/2013
Program Overview:
State: Iowa
Incentive Type: State Loan Program
Eligible Renewable/Other Technologies: Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric
Applicable Sectors: Commercial, Industrial, Residential, Utility
Amount:50% of financed project cost
Maximum Incentive:$1,000,000 for most applicants, but $500,000 for non-rate regulated gas and electric utilities
Terms:0% interest
Maximum term of 20 years
Non-regulated utilities limited to 1 loan every 2 years
Program Budget:Revolving Fund
Start Date:1996
Web Site: http://iowaenergycenter.org/aerlp
Authority 1:
Date Enacted:
Iowa Code ยง 476.46
1996 (subsequently amended)
Summary:

The Alternate Energy Revolving Loan Program (AERLP) is administered by the Iowa Energy Center and funded by the state's investor-owned utilities.* The AERLP provides loan funds to individuals and organizations that seek to build renewable energy production facilities in Iowa. Loans from the AERLP were formerly not available to non-rate regulated utilities; however, S.F. 376 enacted in May 2009 amended the enabling statute to allow these entities to participate. Eligible renewable energy technologies include solar, biomass, wind and small hydro. Successful applicants will receive a single, low-interest loan that consists of a combination of AERLP funds and matching lender-provided funds.

The AERLP provides 50% of the total loan at 0% interest, up to a maximum of $1 million. Non-rate regulated electric and gas utilities are limited to 1 loan every 2 years with a maximum loan of $500,000. The remainder of the loan is provided by a lender at market rate. The maximum loan term allowed for the AERLP funds is 20 years. As the loans are paid back to the Iowa Energy Center, those funds are cycled back into the program and made available to new applicants.

Technical applications for projects with a total financed capital cost of $50,000 or less are reviewed on a continuous basis. Higher cost project are reviewed on a quarterly basis according to the following deadlines: Oct. 31, Jan. 31, Apr. 30 and July 31. As of May 2012, the AERLP has reportedly provided loans of more than $28.2 million in support of 193 renewable energy projects since its inception.

*The loan fund was initially capitalized with a total of $5.9 million over a 3-year period of collections from the state's investor-owned utilities. In May 2009 S.F. 376 authorized an additional $5 million from the sale of state bonds for deposit into the fund. In April 2010 S.F. 2389 made a further appropriation of $5 million from the sale of state bonds for deposit into the fund.


 
Contact:
  Bill Haman
Iowa State University
Iowa Energy Center
2521 University Drive, Suite 124
Ames, IA 50010-8629
Phone: (515) 294-8819
Fax: (515) 294-9912
E-Mail: iec@iastate.edu
Web Site: http://www.iowaenergycenter.org
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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.