The Iowa Energy Center (IEC) is accepting applications for the Alternate Energy Revolving Loan Program (AERLP) and has established the first two application cycles of 2021.
The IEC Board makes funding decisions at least once per quarter. The IEC Board plans to meet on February 11 and May 13, 2021. Approved borrowers can begin incurring eligible expenses after their IEC Board award dates.
The AERLP provides zero-interest loans to eligible borrowers for alternate energy production projects, including but not limited to solar, wind, biomass, anaerobic digesters, and combined heat and power. Energy storage technologies are eligible if they are included with an energy production project and related to its operation.
The AERLP can improve the feasibility of energy projects for businesses, farmers, individuals, water and wastewater utilities, and rural water and sanitary districts. Loan amounts may range from $25,000 to $1 million and cover up to 50 percent of eligible project costs. Eligible project costs can only be incurred after a loan is approved by the IEC Board. Additional information can be found on the Iowa Economic Development Authority’s (IEDA) AERLP webpage.
The application is available at IowaGrants.gov under “Loan Opportunities.” Interested applicants must be registered for an IowaGrants.gov account to access and complete the application. Applicants are strongly encouraged to contact IEDA in advance of application submittal to discuss eligibility, collateral, and loan term requests.