Alabama businesses are saving $5.1 million in estimated annual energy costs because of a state financing program launched two years ago – the AlabamaSAVES loan program.
The Alabama Department of Economic and Community Affairs created the AlabamaSAVES program to provide state businesses with low-cost loans for energy-efficiency upgrades. Loans of $50,000 to $4 million are available to help Alabama commercial and industrial businesses finance energy-saving improvements. Interest rates for the loans are currently as low as 1 percent.
Since awarding the first loan in June 2011, AlabamaSAVES has approved more than $20 million in loans for energy upgrades. The program recently approved its 30th loan. The program’s 30th loan is going to the same business that applied for the first loan: the Dixie Group’s yarn plant in Roanoke, which manufactures a wide variety of carpets and rugs.
Dixie officials say the initial $2.3 million loan enabled equipment upgrades and cost savings that increased the plant’s capacity, stimulated growth and created jobs. The new $1.4 million loan will finance additional high-efficiency equipment to increase productivity even further.
A range of businesses across the state have taken advantage of AlabamaSAVES loans, including large and small industrial companies, office buildings, hotels and retail businesses.
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