Alabama STAR (Savings Through Analysis and Retrofits) Program

 Name

Alabama STAR (Savings Through Analysis and Retrofits) Program

Status

Active

Funding Mechanism

Loan fund

Duration

July 1997- present

Objectives

To provide financing for energy efficiency improvements through a joint venture between ADECA and Regions Financial Leasing, Inc.

Sponsors

The Alabama Department of Economic and Community Affairs – Science, Technology and Energy (ADECA-STE) Division

Eligible Sectors

Tax-exempt, public and non-profit schools

Eligible Projects/Technologies

Lighting retrofits, HVAC equipment, heat recovery systems, load management devices, energy management devices, energy management systems, electrical distribution equipment, alternate/renewable energy systems, boiler and central plant improvements, sewage and water systems improvements, and other retrofits, demand or rate-based measures.

Fund Endowment

US$ 4.6 million – STE Division revolving fund provides 30 % of funding and 70% comes from Region Leasing for each standard lease-purchase arrangement. For hardship cases, STE Division will provide 70% and Region Leasing 30%

Terms

-Funding Instruments

Loans

-Interest Rates

Prevailing

-Payback

Determined by the average simple pay-back period of project

-Size

A maximum of $2 million/for hardship cases a maximum of $100,000

-Collateral

N/A

-Share of loan in project cost

ADECA-30% / Region's Financial Leasing, Inc.-70%

-Loan criteria

To be eligible, tax-exempt, public and nonprofit schools and hospitals as defined by Section 265(b)(3) and Section 149 (c) of the Internal Revenue Code of 1986 governing Bank Qualified, Tax-Exempt Obligations are eligible to apply.

Comments

Sources

Alabama STAR Program

Contact Information