IEDA and IEC Financial Assistance Programs
by Sheila Tipton
Wednesday, April 17, 2019
The Iowa Economic Development Authority (IEDA) and the Iowa Energy Center (IEC) have opened two new programs to facilitate energy-related projects in Iowa, the IEC Grant Program and the Alternate Energy Revolving Loan Program.
The IEC Grant Program is a competitive grant program for projects that provide a benefit to Iowans who purchase electric or natural gas service in the state. Iowa businesses, colleges and universities, and private nonprofit agencies and foundations are eligible to apply. Applicants must first complete a pre-application; the deadline for submission for the current fiscal year is April 19, 2019. Projects must aid in the implantation of one of the key focus areas of the Iowa Energy Plan:
- Technology-based Energy Research and Development
- Energy Workforce Development
- Support for Rural and Underserved Areas
- Biomass Conversion
- Natural Gas Expansion in Underserved Areas
- Electric Grid Modernization
- Alternative Fuel Vehicles
The Alternate Energy Revolving Loan Program provides zero interest loans for the development of alternate energy production projects, including but not limited to solar, wind, biomass, and combined heat and power projects. Eligible borrowers include Iowa residents, Iowa businesses, water and wastewater utilities, rural water districts, and sanitary districts. The loan is for up to 50 percent of the project cost, with a minimum of $25,000 and a maximum of $1 million per project. The term of the loan will be the shortest of the estimated useful project life, the estimated project return on investment, or the term of any other loan used to finance the project. There is no set deadline for submitting an application; funding decisions are made quarterly by the Iowa Energy Center Board.