Minnesota - Energy Investment Loan Program
Applicable Sectors: Schools, Local Government and Hospitals
Summary:
Minnesota's Energy Investment Loan Program will buy down up to 50% of the loan principal to 0% interest for any specific renewable energy, energy efficiency or energy conservation "capital improvement" measure with a simple payback of 10 years or less in an existing building. Minnesota cities, counties, townships, hospitals and K-12 schools are eligible for this program.
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Minnesota - Home Energy Loan Program
Applicable Sectors: Residential and Multi-Family Residential
Summary:
The Home Energy Loan Program is a statewide program of the Minnesota Housing Finance Agency administered by the Center for Energy and Environment Financial Resources. It offers low interest loans to homeowners who want to make energy improvements to their properties. Loans are available for custom energy efficiency improvements, which the loan recipient must describe on the application. The property should be single-family (1-4 units) residential, but up to 49% of the residence can be used for business. There is no maximum annual household income limit, but borrowers must own the property or be purchasing it through mortgage or contract for deed.
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Minnesota - MHFA Rental Rehabilitation Loan Program
Applicable Sectors: Residential
Summary:
The Minnesota Housing Finance Agency (MHFA) Rental Rehabilitation Loan Program provides low interest financing for making energy conservation and other basic improvements to residential rental properties located in participating Minnesota communities. Loans exceeding $5,000 are evaluated on the basis of the building’s revenues, which must show a positive cash flow after rehabilitation. Loans of $5,000 or less may be evaluated on the basis of the borrower’s personal credit/financial status. To be eligible for the loan, the structure must require improvement to meet State Energy Conservation Standards for Rental Housing. Mixed-use (commercial/residential) structures are eligible if more than 50% of the building’s total floor area is devoted to residential use, and if the improvements will primarily benefit the residential portion.
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Minnesota - Rental Energy Loan Fund
Applicable Sectors: Residential and Multi-Family Residential
Summary:
The Rental Energy Loan Fund provides financial assistance to owners of residential rental properties to increase the energy efficiency of their buildings. It is not restricted to low-income owners, and covers a wide range of efficiency improvements for a property. Borrowers must have at least one-third interest in the property, or be purchasing it through a mortgage or contract for deed. The property must contain at least one rental dwelling unit and must be located in the ten county metro area. On-site building analysis as well as prioritization, decision-making, and submission assistance are also provided. The fund is run by the Center for Energy and Environment's Financial Resources, and is sponsored by the Minnesota Department of Commerce.
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Minnesota - Dakota Electric Association - Commercial and Industrial Energy Conservation Loan Program
Applicable Sectors: Commercial and Industrial
Summary:
Dakota Electric, in association with Anchor Bank, provides low-interest loans to help its commercial and industrial customers finance projects which will improve the energy efficiency of their facilities. The minimum loan amount is $20,000, and the standard maximum is $100,000. However, loans over $100,000 may be considered on a case-by-case basis. In addition to completing an application, interested customers must also supply Dakota Electric/Anchor Bank with a copy of the last two fiscal year-end federal tax returns for the business, including all schedules and attachments, as well as a completed personal financial statement for each stockholder who owns 20% or more of the company.
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Minnesota - Dakota Electric Association - Residential Energy Conservation Loan Program
Applicable Sectors: Residential
Summary:
Dakota Electric, in association with Anchor Bank, provides loans to help its residential customers finance energy efficient improvements to their homes. The loans can be between $1,000 and $10,000 and can only be used for energy conservation projects. The interest rate, currently set at 8%, is a fixed rate for the term of the loan, but is adjusted quarterly for future loans. Interested customers should call to verify the current rate. Loan applications are available from Dakota Electric upon request and need to be submitted along with a copy of the most recent pay stubs for each borrower as proof of income. If any borrower(s) is self-employed, they need to provide a copy of the first two pages of their most recent federal tax return.
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Minnesota - Minnesota Valley Electric Cooperative - Energy Resource Conservation Loan Program
Applicable Sectors: Residential
Summary:
Minnesota Valley Electric Cooperative offers low-interest loans to help its residential customers finance energy efficiency improvements through their Energy Conservation Loan Program.
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Minnesota - Otter Tail Power Company - Dollar Smart Energy Efficiency Financing Program
Applicable Sectors: Commercial, Industrial, Residential and Agricultural
Summary:
Otter Tail Power Company's Dollar Smart Financing Program offers $150 - $100,000 loans to its residential and business customers. Customers may use the 7.9% interest rate loan to finance purchases of new electric technologies, or the 2.9% interest rate loan for Conservation Improvement Program qualified energy-saving technologies.
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