American Recovery and Reinvestment Act (ARRA); Additional funding from private lenders
In order to apply, interested parties must first contact an AlabamaSaves representative. Upon receiving and submitting the necessary paperwork, a consultation on financing and next steps is scheduled. The Loan Application formalizes the request for a subsidy or direct loan. The process requires that an energy assessment, defining the project and estimated energy savings impact, be submitted and reviewed to ensure a simple payback of 10 years or better.
The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans and as a loan subsidy program enabling low cost loans from private lenders through credit enhancements – interest rate buydowns and loan loss reserves. 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.