Iowa Energy Center Financing is an RLF (revolving loan fund) provided by the Iowa Energy Center. The official name of the fund is The Alternate Energy Revolving Loan Program (AERLP) . It was created by the Iowa legislature in Sec. 476.46, Code of Iowa. It is funded by utilities via a small percentage of their gross revenue going into the fund.
HOW DOES THE APPLICATION PROCESS WORK?
- You’ll start off by submitting a technical application to the Iowa Energy Center that provides specific technical, operational, and cost details. (Simpleray can help out with the technical portion.)
- Submissions received during a given application cycle are reviewed and ranked. Projects under $25k are reviewed as they come in. Larger projects are reviewed on a quarterly basis that closes the first business day after Jan 31, Apr 30, July 31, and Oct 31. Those applications receiving the highest ranking are selected to receive loans. The application review process will take approximately 30 days.
- After the Energy Center approves the project, your lending institution will then qualify you. The AERLP loan can cover a maximum of 50% of the cost of the system at 0% interest (up to $500k), with a maximum term of 20 years. The remaining cost of the system is financed through the lending institution (your bank) at their standard terms.
Keep in mind, the application process and approval will take some time.