What Happened?
The city of Dubuque, Iowa, is encouraging local businesses and property owners to make their buildings more energy efficient, and is putting money on the table. Specifically, the city is offering low-interest loans to help finance energy improvements.
Why?
The program is aimed specifically at energy improvements that “significantly” reduce greenhouse gas emissions. It is part of a very large and holistic Sustainable Dubuque program, founded in 2006, which is focused on the environment and economic prosperity. Driven by 11 key principles, the program has brought myriad achievements, from new bike paths and “rack & ride” programs, to restoration projects and the creation of greenhouse gas inventories. The city has updated its zoning ordinances to a unified development code, has created “pay as you throw” waste minimization programs, and much more.
How Did They Do It?
The funds for the “Energy Efficiency Loan Fund” were secured from the U.S. Department of Energy allocated under the American Recovery and Reinvestment Act. The program is part of a series of loan programs operated by ECIA Business Growth, a local company that specializes in business loan programs. According to the city, ECIA has approved more than $61 million in loans, resulting in the creation or retention of 4,500 jobs.
The Details
The Energy Efficiency Loan Fund is a $200,000 revolving loan fund established through funds from the U.S. Department of Energy. The current interest rate: 1 percent. The maximum project size is $50,000, 20 percent of which is forgivable. Eligible activities include projects such as:
- Electrical Systems: Such as lighting and energy management systems
- Mechanical Systems: Including components such as HVAC and hot water
- Information Technology: Specifically related to energy efficiency upgrades
- Efficient Windows: That result in energy savings
- Solar Panels: Installations will be considered on a case-by-case basis
- Other: Other energy efficient equipment, upgrades, and purchases will be considered.
More Information
Related to Dubuque, specifically, a list of frequently asked questions has been made available, and Gov1 readers can download the actual loan applications to see what it looks like. Readers who have questions about Dubuque’s program and how it is implemented can contact Matt Specht at ECIA Business Growth, 563-690-5721.
Of course, Dubuque was not the only city to take advantage of the DOE loan program. Michigan also created a revolving loan program focused on energy efficiency, as did Texas, Ohio and California. And just last week, Salt Lake City began accepting applications for its own energy-efficiency revolving loan fund.
For more information on the DOE programs, readers should refer to the agency’s Energy Efficiency and Renewable Energy program, which received $16.8 billion as part of President Obama’s 2009 recovery act. Much of that funding supported direct grants and rebates, but billions were allocated to loan programs and energy efficiency research. The DOE’s loan program office can be reached via email or at 202-586-8336.