Oregon Department of Energy: Energy Loan ProgramOregon Department of Energy: Energy Loan Program Contact: Ed Tabor
The 1979 Oregon Legislature created the Small Scale Energy Loan Program (SELP). In 1980, voters approved an amendment to the Oregon Constitution authorizing sale of general obligation bonds to finance small scale, local energy projects. SELP promotes energy conservation and renewable energy resource development in Oregon. Renewable resources include solar, geothermal, biomass, hydro, wind, and waste heat. SELP also can fund projects that use alternative fuels, save transportation energy, make products from recycled material, or increase the production or efficiency or extend the operating life of a project.
In other cases, SELP’s tax-exempt rates or its long-term, fixed-rate loans make a project economically viable. The staff of ten includes lenders, accountants, and an engineer. Loan size can range from $10,000 for residential projects to several hundred thousand dollars for schools, to millions of dollars for industrial and energy-generation projects. Loan security may be a first or second mortgage on project land, buildings, and equipment.