FOR IMMEDIATE RELEASE
Feb 14, 2014
DEQ Sets Alternative Energy Loan Interest Rate at 3.25 Percent for 2014
Helena -- The Montana Department of Environmental Quality’s (DEQ) Alternative Energy Revolving Loan Program recently set a 3.25 percent interest rate for the remainder of 2014.
The revolving loan program has been helping home owners, small businesses, non-profit organizations and local governments to install alternative energy systems for more than 10 years. More than $5 million has been loaned over that time, according to Kathi Montgomery, the loan program manager.
“We’ve funded a great many solar electric projects throughout the state,” she said. "But the program has also funded wind projects and ground-source heat pumps, as well as other alternative energy projects."
Montgomery added the program is targeting farm and ranch projects for this year. Solar electric-powered pumps for stock tanks have been successfully funded in recent years, she noted.
"These low interest loans are designed to help small businesses, taxpayers, and homeowners save money through clean energy," Director Tracy Stone-Manning said. "We encourage Montanans to get in touch with DEQ to learn more about this important program."
The most commonly financed types of alternative energy systems include: solar panels that generate electricity (photovoltaic systems); solar panels for hot water and/or space heating; small wind generators; small hydropower plants (under 1 megawatt); low-emission biomass (wood) heating appliances; and ground-source heat pump systems for space and water heating. Other recognized non-fossil forms of energy generation may also qualify.
Loans can be made up to a maximum of $40,000 and may be repaid in up to 10 years, depending on the loan amount. Some energy conservation investment may also qualify for a portion of a loan.
To learn more about these loans, members of the public can email firstname.lastname@example.org or call 406-444-6697; or visit the Alternative Energy Revolving Loan Program website for loan applications and commonly asked questions, as well as a few project profiles at this link: http://deq.mt.gov/Energy/Renewable/altenergyloan.mcpx
DEQ Planning, Prevention and Assistance
Public Information Officer
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