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FAQs for SELP
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Article Content
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| What is SELP? |
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SELP is the State Energy Loan Program.
The purpose of the State Energy Loan Program (SELP) is to promote energy conservation and renewable energy resource development. The program offers low-interest loans for projects that:
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Save energy
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Produce energy from renewable resources such as water, wind, geothermal, solar, biomass, waste materials or waste heat
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Use recycled materials to create products
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Use alternative fuels
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| What are SELP's interest rates? |
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Interest rates are fixed and dependent upon available loan funds.
Please call ODOE for more information at: 503-378-4040.
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| Does SELP offer construction financing? |
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No.
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| What types of loan terms are available? |
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Loan terms range from 5-20 years.
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| Are there any low-income programs for energy conservation? |
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No. Please contact your local government offices for available resources.
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| Are the loans secured? If so, what collateral is required? |
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Yes.
Typically SELP will require real estate collateral as security for the loan. Additional collateral may be required if deemed necessary. This could include equipment, inventory, accounts, etc.
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| How long does the approval process take? |
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Approval processes can take 4-8 weeks or longer, depending on complexity of the application.
Loans above $100,000 must be presented for approval to the Loan Advisory Committee.
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| What type of project costs can be included in the loan? |
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Loans can pay for related costs such as engineering and design, permits, project management, and post-construction take-out financing.
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| Can incentives be combined with a loan? |
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Yes.
However, incentives cannot be financed. Your eligible loan amount will be reduced by the amount of incentives received on the project.
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| What loan amounts are available? |
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Loan amounts range from $20,000 to $20 million.
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