Salem Electric: Low-Interest Loan Program
Loans for solar water heaters, heat pumps, HVAC, furnaces, insulation, and windows from $500-$10,000 with a 5% rate, over 1-5 yrs.
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Salem Electric residential customers participating in the WeatherWise, Heat Pump, Bright Way Solar or Photovoltaic programs are eligible for a loan with a 5% interest rate from a local bank.
Loan amounts range from $500 to $7,500. Customers participating in two or more of the eligible programs are eligible for a loan of up to $10,000. The loan term is 12 to 60 months, and there is a minimum payment of $25 each month. Solar water heating systems must meet the requirements of the BPA Bright Way to Heat Water program. Solar photovoltaic (PV) systems must meet equipment requirements established by the Oregon Department of Energy.
Customers can take advantage of the loan program or the Salem Electric rebate, but can not participate in both.