Small-Scale Energy Loan Program
| Program Type | State Loan Program |
|---|---|
| Technologies | Photovolaics, Solar Hot Water Heating, Solar Space Heat, Solar Thermal Process Heat, other renewables and energy-efficiency projects. |
| Amount | Typically $20,000 - $20 million |
| Required Documentation | Loan application and fees |
| Official Web Site | http://egov.oregon.gov/ENERGY/LOANS/selphm.shtml |
Oregon created its Small-Scale Energy Loan Program (SELP)—another great name—in 1981. Through the program, individuals, businesses, nonprofits, and governmental entities may apply for low-interest rate loans to finance solar installation, renewable energy and energy efficiency projects. Loan amounts usually range from $20,000 to $20 million. The loans have an interest rate of 6 percent to 7.5 percent as of September 2010. And the repayment period for the loans is between five and 15 years.
The loans carry $500 in application fees for loans up to $25,000 and the fees are stepped to as much as $1,100 for a loan of up to $100,000. Loans larger than that carry additional fees. Some of the fees are due up front, with the rest due at closing time.
The Oregon Department of Energy administers SELP and its bond-financed program to fund small-scale, local energy projects. The bonds are offered periodically and may be issued to accommodate a particularly large loan request.
