Incentive Type:
Utility Loan Program
State:
Oregon
Eligible Renewable/Other Technologies:
Solar Water Heat
Applicable Sectors:
Residential
Terms:
100% financing up to $5,000; maximum loan term is five years; interest rate is the current “prime” lending rate. Costs >$5,000 are financed at 2% above prime.
Maximum loan term is 60 months.
No loan fee, no penalty for early payment.
Web Site:
http://www.cec-co.com/
prodserv/renewable/solar_water_heater/solar_water_heater.html
Summary:
Central Electric Cooperative (CEC) customers with electric water heating are eligible for a low-interest loan through the CEC’s lending partner, The Bank of the Cascades. Unsecured loans for 100% of the system cost up to $5,000 are financed at the current prime rate. Loan terms can be up to five years. Costs exceeding $5,000 are financed at 2% above prime. There is no loan fee and no penalty for early payment.
In order for installations to be eligible for the loan, customers must select a CEC-approved installer, and submit an application. Work cannot begin until CEC has approved the application.
In order to secure a loan, customers must contact the downtown Redmond branch of the Bank of the Cascades for loan approval.
Instead of a loan, CEC customers can apply for a $500 solar water heating cash rebate. A customer cannot apply for both the rebate and the low-interest loan.
Contact:
Customer Service – CEC
Central Electric Cooperative
2098 N. Hwy. 97
Redmond, OR 97756
Phone: (541) 548-2144
Fax: (541) 548-0366
E-Mail: customerservice@ce-co.com
Web Site: http://www.cec-co.com
Customer Service – Bank of the Cascades
Bank of the Cascades
Redmond Branch
154 SW Sixth Street
Redmond, OR 97756
Phone: (541) 504-2200
Fax: (541) 504-2150
Web Site: http://www.botc.com/index.cfm?objectid=2EE1D894-BD97-3AFC-C9A0F80CA329B69E
