The Alabama Department of Economic and Community Affairs (ADECA) offers an energy efficiency and renewable energy participating loan program called AlabamaSAVES. The Program funds subordinated participating interests in qualified third-party loans used to finance energy projects at existing commercial, industrial and non-profit businesses in Alabama. The Participating Interest can be for 100% of the cost of the eligible project or 25% of the Participating Loan up to the cost of the eligible project, whichever is less.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. Before funding is awarded, an energy assessment, defining the project and estimated energy savings impact, must be submitted and reviewed to ensure a simple payback of 10 years or better or measures “above and beyond” current Alabama code
The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans. 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.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Alabama |
| Incentive Type: | Loan Program |
| Web Site: | http://www.alabamasaves.com/ |
| Administrator: | Abundant Power |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
|
| Maximum Loan: | Maximum Loan: $4,000,000 (Program Participating Amount: $1,000,000) |
| Loan Term: |
Loan Length: 10 year maximum Program Origination Fee: 2% and reasonable and customary costs from a participating lender partner. Origination fees are subject to a minimum of $2,000. |
| Interest Rate: |
Participating Interest Rate: 2% discount off private lender rate |
| Name: | Abundant Power Solutions |
| Address: |
222 South Church Street, Suite 401 Charlotte NC 28202 |
| Phone: | (704) 271-9890 |
| Email: | info@alabamasaves.com |
| Name: | Kathy Hornsby |
| Address: |
P.O. Box 5690 Montgomery AL 36103 |
| Phone: | (334) 242-5284 |
| Email: | kathy.hornsby@adeca.alabama.gov |
| Name: | Greg Montgomery |
| Organization: | Abundant Power Solutions |
| Address: |
222 South Church Street, Suite 401 Charlotte NC 28202 |
| Phone: | (704) 271-9889 |
| Email: | gmontgomery@abundantpower.com |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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