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FINANCING YOUR ENERGY RETROFIT PROJECTS

FINANCING YOUR ENERGY RETROFIT PROJECTS. Alabama Department of Economic and Community Affairs. LOCAL GOVERNMENT ENERGY LOAN PROGRAM. Local Government Energy Loan Program.

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FINANCING YOUR ENERGY RETROFIT PROJECTS

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  1. FINANCING YOUR ENERGY RETROFIT PROJECTS Alabama Department of Economic and Community Affairs

  2. LOCAL GOVERNMENT ENERGY LOAN PROGRAM

  3. Local Government Energy Loan Program • Low-cost revolving loans for energy efficiency projects implemented by local governments, K-12 public school systems, and public colleges and universities. • Zero percent interest rate for up to ten years. • Energy assessments and energy conservation improvements to buildings, waste water treatment plants, street lights and traffic signals. • Municipal and County governments, colleges and universities up to $350,000 • K-12 Schools up to $350,000 per campus or $500,000 per school system.

  4. Eligible Energy Conservation Measures • Interior Lighting retrofits • Street and sports field lighting, Traffic signals • Heat recovery systems • Load and energy management systems • Electrical distribution systems (motors, variable speed drives, fans, etc.) • Infiltration reduction or other building envelope improvements • Boiler efficiency and central plant improvements • Upgrading water treatment plants for energy efficiency, energy recovery or both • HVAC equipment • Renewable energy systems • Other approved cost effective energy retrofits

  5. Requirements for the LGELP • Have an energy audit conducted to determine needed energy conservation measures • Ensure your bank will provide a letter of credit for loan closing • Gather 12 months of energy history • Submit application, energy audit and financial statement to ADECA

  6. For More Information www.adeca.alabama.gov/energy Karen Clifton ADECA Energy Division (334)242-5321 Karen.clifton@adeca.alabama.gov

  7. AlabamaSAVES Sustainable and Verifiable Energy Savings

  8. Program Goals

  9. Program Overview • Capitalized with $25M of ARRA SEP funds • Credit enhancements w/private lender partners • $60M total loan pool • Loan range: $50,000 - $4,000,000 • Eligible applicants : Private companies that own or operate existing commercial, industrial, or institutional facilities in Alabama

  10. Loan Terms • Interest rate: 2%, fixed • Loan term: Blended useful life of the improvements up to a maximum of 10 years • Use of Proceeds: Loans can be used for up to 100% of project costs

  11. Eligible Costs • Energy Efficiency, Demand Management and/or Renewable Energy measures with savings that exceed loan payments (in aggregate) • Mechanical systems (HVAC), hot water systems, lighting and power systems, energy management, envelope upgrades, refrigeration improvements, combined heat and power • Solar thermal, solar PV, biomass heat and power, geothermal, micro-hydroelectric, methane capture and use, fuel cell technologies • Must be commercially available, proven technologies • Retrofits to existing buildings – NOT new construction • Consulting, project management, equipment and labor costs

  12. Program Partners • Abundant Power Solutions • Administers the AlabamaSAVES Program and services loans from the direct loan pool • Private Lenders • Provide project financing and loan servicing • Efficiency Finance • Serves as the origination partner for the program to recruit and train contractors and help them source projects. Facilitates the process for prospective borrowers from start to finish. • Metrus Energy • Offers an innovative financial solution to develop and fund comprehensive energy efficiency projects with no upfront cost or risk to Customers. • Phillips Lighting • Offers private financing for tailored lighting solutions, including assessment, design and implementation

  13. Application Process • Potential applicants should contact Efficiency Finance, Metrus Energy, or Phillips Lighting to initiate project development (contact info on website – “Get Started” tab) • Application fee: $500 for projects <$250K and $1,000 for larger projects • Applications accepted on rolling basis • Review and response within 30-45 days

  14. For More Information www.alabamasaves.com Kathy Hornsby ADECA Energy Division (334)242-5284 kathy.hornsby@adeca.alabama.gov

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