Last updated: July 19, 2019
|Incentive Type:||Loan Program|
|Administrator:||U.S. Department of Energy|
|Eligible Renewable/Other Technologies:||Geothermal Electric, Solar Thermal Electric, Solar Thermal Process Heat, Solar Photovoltaics, Wind (All), Biomass, Hydroelectric, Fuel Cells using Non-Renewable Fuels, Landfill Gas, Tidal, Wave, Ocean Thermal, Daylighting, Fuel Cells using Renewable Fuels|
|Eligible Efficiency Technologies:||Yes; specific technologies not identified|
|Maximum Loan:||Not specified|
|Loan Term:||Full repayment is required over a period not to exceed the lesser of 30 years or 90% of the projected useful life of the physical asset to be financed|
|Name:||42 USC § 16511 et seq.|
|Name:||10 CFR 609|
Section 1703 of Title XVII of the Energy Policy Act (EPAct) of 2005 created the Department of Energy's (DOE's) Loan Guarantee Program. The program was reauthorized and revised by the American Recovery and Reinvestment Act (ARRA) of 2009 by adding Section 1705 to EPAct. The 1705 Program was retired in September 2011, and Loan Guarantees are no longer available under that authority. DOE, however, still has authority to issue Loan Guarantees under the old Section 1703 Program.
Loan guarantees are provided in response to open solicitations. The application is a two part process; applicants that meet the specified requirements laid out in Part I receive an invitation to submit a Part II application. The updated supplemental guidance for Renewable Energy Projects and Energy Efficiency Projects includes an application solicitation schedule, with final Part I and Part II application due dates to November 30, 2016 (extended in a Fifth Supplement released June 2016). Up to $3 billion is available in loan guarantees for projects in renewable energy, efficient end-use, and efficient generation, transmission, and distribution technologies (plus an additional amount that may be imputed based on the credit subsidy cost of the loan guarantee authority). See the program website for more details on eligibility and the application process.
Section 1703 requires either an appropriation to cover the Credit Subsidy Cost (the expected long term liability to the Federal Government for providing the loan guarantee), or payment of the Credit Subsidy Cost by the borrower. A credit-based interest rate spread will be added to certain loans receiving a 100% loan guarantee from DOE and financing from the Federal Financing Bank. Rates and more information are available here.
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