Description

NOTE: This low-interest loan program is separate from the Small-Scale Energy Loan Program offered by the Oregon Department of Energy. This loan program is offered by a private bank, Umpqua Bank, for customers working with Energy Trust and their trade ally contractors.

Energy Trust of Oregon and Umpqua Bank have partnered to offer this loan to homeowners and small businesses for renewable energy and energy efficiency investments. These loans have no loan fees, no closing costs, and offer preferred rates to homeowners and small businesses interested in certain renewable energy and energy efficiency projects. To qualify for a loan, an individual or business must be a customer of PGE, Pacific Power, NW Natural or Cascade Natural Gas.

There are several different loan options that carry different interest rates and terms. Homeowners are eligible for two types of loans, the Home Equity Loan and the Unsecured Home Improvement Loan. The Home Equity Loan is for $5,000 to $100,000, carries a fixed interest rate, and a term of up to 15 years. The Unsecured Home Improvement Loan is for $1,000 to $50,000, carries a fixed interest rate, and has a term of up to 5 years. Small businesses and owners of multifamily residential property are eligible for two types of loans, the Commercial Real Estate Improvement Loan and the Business Term Loan. The Commercial Real Estate Improvement Loan is for $5,000 to $250,000, has a variable interest rate, and carries a term of up to 15 years. The Business Term Loan is for $5,000 to $250,000, has a fixed interest rate, and carries a term of up to 7 years.

These loans can be taken for efficient heating and cooling systems, water heating systems, insulation, windows, solar energy systems, air and duct sealing, lighting, appliances, and wind energy systems. Eligible technologies vary by customer type. Several Energy Trust incentives are also available for projects that qualify for these loans.