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Washington

Washington

Incentives/Policies for Energy Efficiency

Printable Version
City of Seattle - Community Power Works Loan Program   

Last DSIRE Review: 02/13/2013
Program Overview:
State: Washington
Incentive Type: Local Loan Program
Eligible Efficiency Technologies: Water Heaters, Furnaces , Heat pumps, Duct/Air sealing, Building Insulation, Windows
Eligible Renewable/Other Technologies: Unspecified technologies
Applicable Sectors: Commercial, Residential
Maximum Incentive:Residential: $50,000
Business: $2,000,000
Terms:Residential: Varies, depending on lender
Business: Varies, depending on lender
Funding Source:US Dept. of Energy Better Buildings Program
Program Budget:$20 million
Web Site: http://www.communitypowerworks.org/
Summary:

Community Power Works, funded by the U.S. Department of Energy's Better Buildings Program, offers loans and rebates for eligible energy efficiency improvements to homes and businesses.  In addition, Community Power Works partners with Seattle City Light to offer energy assessments for businesses for free and at a reduced rate of $95 for homeowners. 

Once a home or business is assessed, customers select energy efficiency improvements and apply for financing.  Loan amounts are calculated after factoring in other rebates and incentives.  For homes, loans from available from two lending partners.  Craft3 loans are available for up to $30,000, with interest rates fixed at 3.39% APR or 4.49% APR, depending on the income level of the homeowner.  Loan terms range from 3 to 20 years, and loans are typically repaid on Seattle City Light bills. Loans through Puget Sound Cooperative Credit Union are available up to $50,000, with interest rates fixed between 4.25% and 8.74%. Loan terms up to 15 years are available. Renewable energy projects, such as solar, can be included in Puget Sound Cooperative Credit Union loans. 

For businesses, loans are available through two lenders.  Loans offered through Craft3 carry a 5-year term and interest rate of 4%.  Typically, loans of up to $100,000 are available through Craft3.  This loan can be repaid on Seattle City Light bills.  Loans from $100,000 to $2,000,000 are offered through the Grow Seattle Fund.  These loans carry a 10-year term and an interest rate of 2% for the first five years.  Afterwards, the loans carry an interest rate of the WSJ Prime plus 1.50%, variable quarterly.


 
Contact:
  Community Power Works Information
Community Power Works
Community Power Works
Seattle, WA
Phone: (206) 449-1170
E-Mail: info@communitypowerworks.org
Web Site: http://www.communitypowerworks.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.