Central Electric Cooperative - Solar Water Heater Loan (Oregon)
Last modified on May 24, 2011.
Financial Incentive Program
|Name||Central Electric Cooperative - Solar Water Heater Loan|
|Incentive Type||Utility Loan Program|
|Eligible Technologies||Solar Water Heat|
|Energy Category||Renewable Energy Incentive Programs|
|Amount|| 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.
|Program Administrator||Central Electric Cooperative|
|Date added to DSIRE||2007-03-07|
|Last DSIRE Review||2009-03-25|
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 Name||Customer Service - CEC|
|Department||Central Electric Cooperative|
|Address||2098 N. Hwy. 97|
|Address 2||PO Box 846|
|Contact Name||Customer Service - Bank of the Cascades|
|Department||Bank of the Cascades|
|Address||154 SW Sixth Street|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.