Iowa Energy Center Loan Program Hits $40 Million MilestoneWritten by Theresa Rose on August 10, 2015
AMES, Ia. – The Iowa Energy Center’s Alternative Energy Revolving Loan Program (AERLP)
has reached a major funding milestone with a project in Winfield, Iowa. The project received
the three hundred seventy-third loan that has been provided to Iowans since the start of the
program, which has helped to leverage $40,135,946 against private sector resources in the
amount of $238,969,543.
Chris and Sharon Robison, the farm owners whose loan helped reached the AERLP
milestone, say that they wanted to build solar arrays so they could lower the production costs
of their livestock and grain operation.
AERLP, created in 1996, is used for the development of renewable facilities for the state.
Projects involving solar, wind, biomass, hydro or a combination of technologies are eligible
for funding for homes or businesses.
Through the AERLP, The Energy Center provides loans up to fifty percent of the total finance
cost, up to one million dollars, at 0 percent interest. Matching funds must then be obtained
from a lender of the applicant’s choice.
Projects financed by AERLP contribute over 2 million MWh per year of energy within
the state, which is enough to power nearly 10 million Iowa homes. The AERLP has seen
tremendous growth in the volume of applications it has processed over the past two years as
a result of the booming solar energy industry in the state.
Says Dr. Mark C. Petri, Energy Center Director, “Our revolving loan program has been
incredibly successful in supporting the adoption of alternative energy generation across the
state. More and more, Iowans are seeking clean options for their energy needs.”