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Home > News > Oregon Energy Loan Program/Small Scale Energy Loan Program
Oregon Energy Loan Program/Small Scale Energy Loan Program
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Name |
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Oregon Energy Loan Program/Small Scale Energy Loan Program |
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Active |
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Funding Mechanism |
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Duration |
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1979 - present |
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Objectives |
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To offer low-interest, fixed rate, long term loans for any qualified Oregon project that invests in energy conservation, renewable energy, alternative fuels, or creating products from recycled material |
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Sponsors |
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Oregon Office of Energy |
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Eligible Sectors |
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Individuals, schools, cities, counties, special districts, state and federal agencies, public corporations, cooperatives, tribes, and non-profits |
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Eligible Projects/Technologies |
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Lighting improvements, weatherization, solar and geothermal heating, wind and solar electric systems, motors and motor controls, building management and control systems, district heating, HVAC systems, methane gas recovery, central steam plants, cogeneration and hydroelectricity, water heating improvements, irrigation system improvements, and alternative fuels for transportation |
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Fund Endowment |
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The Energy Loan Program is self-supporting and uses no tax dollars. Oregon general obligation bonds provide the funds for the loan. |
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Terms |
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-Funding Instruments |
Loans |
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-Interest Rates |
Loan rates are set after each bond sale and are fixed for the full term of each loan. The bonds sell at low rates because they are backed by the state of Oregon and, in many cases, the bond interest is tax exempt |
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-Payback |
5 to 15 years |
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-Size |
US$ 20,000 to millions, e.g., US $ 6-11,000,000 range – loan terms are based on the type of project, the amount of energy saved and other financial considerations |
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-Collateral |
Yes. Adequate collateral for government borrowers is the equipment being financed and the borrower's pledge to make payments. Commercial loans must be fully secured. A first or second mortgage on the project's land, buildings, and equipment is usually pledged. Other assets may be pledged, if necessary. |
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-Share of loan in project cost |
Up to 100 % - for commercial conservation 70% and residential up to 75%. |
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-Loan criteria |
Projects must be in Oregon; Loans can cover most energy-related project costs: engineering and design, permits, loan fees, project management, building commissions and general project construction. Loans may also be used as matching funds for grants. Applicants with multiple projects or facilities can bundle them together under one loan process to create more flexibility and to reduce costs |
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Comments |
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Loans up to US$ 100,000 are usually approved within 2-3 weeks. Larger loans can take 60 days to approve. |
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Sources |
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Oregon Department of Energy |
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| Contact Information |
Steve Heffley steven.heffley@state.or.us |
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