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FAQs for SELP

What is SELP?

SELP is the State Energy Loan Program (also known as the Small-scale Energy Loan Program).
 
The purpose of the State Energy Loan Program is to promote energy conservation and renewable energy resource development. The program offers competitive fixed interest rate loans for projects that:
  • Save energy
  • Produce energy from renewable resources such as water, wind, geothermal, solar, biomass, waste materials or waste heat
  • Use recycled materials to create products
  • Use alternative fuels

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What loan amounts are available?

Loan amounts range from $20,000 to $20 million.

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What are SELP's interest rates?

For information about interest rates, please go here: http://www.oregon.gov/energy/LOANS/Pages/rates.aspx
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What are SELP's loan fees?

For information on loan fees, please go here: http://www.oregon.gov/energy/LOANS/Pages/fees.aspx

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What types of loan terms are available?

Loan terms generally range from 10 to 20 years, but not longer than the anticipated life of the project.
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What type of project costs can be included in the loan?

Loans can pay for related costs such as engineering and design, permits, project management, and post-construction take-out financing.

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Are the loans secured? If so, what collateral is required?

Yes, we are required by statute to collateralize the loans. Typically, SELP will require real estate collateral as security for the loan, although it need not be the project site if equity is available in other property, along with the project equipment as applicable. Additional collateral may be required if deemed necessary in order to achieve the desired loan-to-value ratio. This could include equipment, inventory, accounts, etc.  


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How long does the approval process take?

The approval process varies depending on the complexity of the application and project. Your loan officer will be able to give you a better idea during initial discussions. Loans more than $100,000 must be presented for approval to the Small-scale Energy Loan Program Advisory Committee (SELPAC), which meets every other month. To learn more about SELPAC, please go here: http://www.oregon.gov/energy/LOANS/Pages/SELP-RuleAdvisoryCommittee.aspx

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Does SELP offer construction financing?

Generally, SELP does not provide construction financing. However, on a case-by-case basis, SELP may be able to finance project installation. Discuss this with your loan officer.
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Can incentives be combined with a loan?

Yes. Please see the list of incentive programs in the gray navigation bar on the left.
 
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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Are there any low-income programs for energy conservation?

SELP does not offer low-income loans. Please contact your local government offices for potential resources in your area.
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