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BREAKING NEWS

ADECA LAUNCHES ALABAMASAVES PROGRAM

November 30, 2010:

The ADECA Energy Division is pleased to announce the launch of AlabamaSAVES^TM, the state’s first and only energy revolving loan program for Alabama businesses. Capitalized with $25 million of American Recovery and Reinvestment Act (ARRA) State Energy Program (SEP) funds and leveraged with private capital, the AlabamaSAVES^TM program will provide an estimated pool of $60 million for low interest rate loans to install renewable energy systems and implement energy efficiency improvements for existing commercial and industrial businesses in Alabama. 

 Allowable expenditures for loan funds will include equipment and equipment installation labor costs for appropriately sized renewable energy systems and energy-efficient fixtures and retrofits. 

Loan terms:

·         Interest Rate: Two percent (fixed) per annum

·         Loan Term: The blended useful life of improvements up to a maximum of 10 years

·         Loan Range: $250,000 - $4,000,000

·         Loan funds can be used for up to 90 percent of total eligible project costs

For additional information visit the program website, www.alabamasaves.com.