The Iowa Energy Bank offers Iowa's public facilities, schools, area education agencies, colleges, universities, hospitals and local governments a 1% financing option for the implementation of renewable energy and energy efficiency projects. Eligible applicants need no upfront capital and loans are repaid using the energy bill savings. In order to get started, applicants complete a pre-application and provide an up-to-date energy study. Additional terms of the loan include a 2% origination fee, a 0.25% servicing fee, and a 15-year repayment period.
The Iowa Energy Bank program is actively marketed to eligible entities and has resulted in over $400 million in energy efficiency improvements. Program administration was moved to the Iowa Department of Administrative Services in 2011.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Iowa |
| Incentive Type: | Loan Program |
| Web Site: | http://www.iowaeconomicdevelopment.com/Energy/energybank |
| Administrator: | Iowa Office of Energy Independence |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
|
| Maximum Loan: | None specified |
| Loan Term: |
1% or higher interest rate 2% origination fee 0.25% servicing fee Up to 15-year repayment period |
| Name: | Iowa Code § 473.19 et seq. |
| Date Enacted: | 05/01/1986 |
| Name: | Paritosh Kasotia |
| Address: |
|
| Phone: | (515) 725-0434 |
| Email: | paritosh.kasotia@iowa.gov |
| Name: | Bruce Nuzum |
| Organization: | Iowa Area Development Group |
| Address: |
2600 Grand Avenue, Suite 430 Des Moines IA 50312 |
| Phone: | (800) 888-4743 |
| Email: | bnuzum@iadg.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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