Washington

Incentives/Policies for Renewables & Efficiency

City of Seattle - Community Power Works Loan Program

Last DSIRE Review: 03/28/2012

Program Overview:

State:	Washington
Incentive Type:	Local Loan Program
Eligible Efficiency Technologies:	Water Heaters, Furnaces , Heat pumps, Duct/Air sealing, Building Insulation, Windows
Applicable Sectors:	Commercial, Residential
Maximum Incentive:	Residential: $30,000 Business: $2,000,000
Terms:	Residential: Up to 20-year term, loan repaid on Seattle City Light bill Business: Varies, depending on lender
Funding Source:	US Dept. of Energy Better Buildings Program
Program Budget:	$20 million
Expiration Date:	06/2013
Web Site:	http://www.communitypowerworks.org/

Summary:

Community Power Works, funded by the U.S. Department of Energy's Better Buildings Program, offers loans and rebates for eligible energy efficiency improvements to homes and businesses. In addition, Community Power Works partners with Seattle City Light to offer energy assessments for businesses for free and at a reduced rate of $95 for homeowners.

Once a home or business is assessed, customers select energy efficiency improvements and apply for financing. Loan amounts are calculated after factoring in other rebates and incentives. For homes, loans from a lending partner, Craft3, are available for up to $30,000, with interest rates fixed at 3.39% APR or 4.49% APR, depending on the income level of the homeowner. Loan terms range from 3 to 20 years, and loans are typically repaid on Seattle City Light bills.

For businesses, loans are available through two lenders. Loans offered through Craft3 carry a 5-year term and interest rate of 4%. Typically, loans of up to $100,000 are available through Craft3. This loan can be repaid on Seattle City Light bills. Loans from $100,000 to $2,000,000 are offered through the Grow Seattle Fund. These loans carry a 10-year term and an interest rate of 2% for the first five years. Afterwards, the loans carry an interest rate of the WSJ Prime plus 1.50%, variable quarterly.

Contact:

Community Power Works Information
Community Power Works
Community Power Works
Seattle, WA
Phone: (206) 449-1170
E-Mail: info@communitypowerworks.org
Web Site: http://www.communitypowerworks.org/

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