Alaska Statutes: AS 45.88.030. Loan Terms.

Alaska Statutes. Title 45. Trade and Commerce Chapter 88. Energy Loan and Grant Programs Section 30. Loan Terms.

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AS 45.88.030. Loan Terms.

(a) A loan for the development of an alternative energy system under AS 45.88.010 - 45.88.090 may not exceed $30,000.
(b) The duration for repayment of the loan may not exceed 20 years.
(c) Loans made under AS 45.88.010 - 45.88.090 may be used to finance the cost of purchase, construction, and installation of an alternative energy system or "centralized multifuel heating systems" which is likely to result in energy conservation or energy cost savings.
(d) All principal and interest payments, and money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 45.88.010 - 45.88.090, shall be paid into the alternative energy revolving loan fund.
(e) The rate of interest for a loan for an alternative energy system is five percent for the first $15,000 of the loan and 15 percent for the amount of the loan that exceeds $15,000.

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