This program is administered by the Department of Energy. The Oregon State Energy Loan Program (SELP) was created in 1981 after voters approved a constitutional amendment authorizing the sale of bonds to finance small-scale, local energy projects and is administered by the Oregon Department of Energy. The sale of bonds is made on a periodic basis and, occasionally, may be done to accommodate a particularly large loan request. The program offers low-interest loans for projects that: Save energy; Produce energy from renewable resources such as water, wind, geothermal, solar, biomass, waste materials or waste heat; Use recycled materials to create products; or Use alternative fuels. Loans are available to individuals, businesses, schools, cities, counties, special districts, state and federal agencies, public corporations, cooperatives, tribes, and non-profits. School districts receive special rates. Though there is no legal maximum loan, the size of loans generally ranges from $20,000 to $20 million. Terms vary, but are generally set to match the term of the bonds that funded the loans. Loan terms may not exceed project life. Loan fees are set based on the size of the loan and range from 1 – 2% of the loan amount requested. Applications are available on the program web site.
State Energy Loan Program
Resource Intensity: Medium
Cost Share: N/A
Support Stage: Transaction/Investment
Support to: Local Governments, Farms, Private Entities, Non-Profits, Tribes
Type of Funding: Loan