The Alternative and Clean Energy Program provides grants, loan guarantees, and loans for the construction of alternative and clean energy projects. Private investment must match $1 for every $1 of program funds awarded. Eligible applicants include businesses, economic development organizations, individuals, and local governments. Alternative and clean energy generation manufacturers are eligible for loans up to $40,000 for every new job created within three years following loan approval. Alternative energy production or clean energy project loans are capped at $5 million or 50% of the total project cost, whichever is less. Loan guarantees are available up to $5 million for terms up to 5 years. The program will pay up to 75% of the deficiency if default occurs. Alternative and clean energy generation manufacturers are also eligible for grants up to $10,000 for each projected new job within three years following grant approval. These grants are capped at $2 million or 30% of the total project cost, whichever is less.
