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 helped local governments, non-profit organizations, small businesses, and homeowners install alternative energy systems for more than a decade. More than $5 million has been loaned over that time, according to Kathi Montgomery, the loan program manager.
The most commonly financed types of alternative energy systems include:
- Small hydropower plants (under 1 megawatt)
- Ground-source heat pump systems for space and water heating
- Solar panels for hot water and/or space heating
- Solar panels that generate electricity (photovoltaic systems)
- Small wind generators
- Low-emission biomass (wood) heating appliances
Other non-fossil forms of energy generation and some energy conservation investments may also qualify.
Loans are capped at $40,000 and may be repaid in up to 10 years, depending on the loan amount. To learn more about these loans, visit the Montana DEQ’s Alternative Energy Revolving Loan Program website.