OAR 860-030-0015: Residential Energy Conservation Financing

(1) An eligible dwelling owner may obtain a loan or a cash payment from or through the energy utility for energy conservation measures. (2) Financing: (a) The loan shall be made in accordance with the following terms, conditions, and limitations: (A) A principal amount of up to $5,000; (B) On a loan from or through an electric company, an interest rate that does not exceed 6.5 percent annually; (C) On a loan from or through a gas utility, an annual interest rate 10 percentage points lower than the rate published by the Federal Housing Administration for Title I property improvement loans (24 Code of Federal Regulations (CFR), subsection 201.4(a)) on the date of the loan application, but not lower than 6.5 percent or higher than 12 percent; (D) A repayment period of not more than ten years; (E) Unless waived by the energy utility, a minimum monthly payment of not less than $15; and (F) To eligible dwelling owners with approved credit. (b) The cash payment shall be in the amount of: (A) Twenty-five percent of the cost-effective portion of the energy conservation measures recommended under subsection (2)(c) of this rule, including installation (but not including the dwelling owner's own labor), not to exceed the cost of the measure; or (B) $350, whichever is less. (c) Any dwelling owner is eligible for financing under this rule, provided: (A) A valid energy audit preceded the work and established the cost-effective portion of the recommended measures; (B) The measures installed are those recommended by the energy utility; and (C) The dwelling has a space-heating system, installed and operational, which is designed to heat the living space of the customer's dwelling, and which draws its energy for operation from the energy utility from which financing is sought. (d) A dwelling owner who acquires a dwelling for which a previous loan was obtained under this rule may obtain a loan or a cash payment for energy conservation measures for the newly acquired dwelling under circumstances including, but not necessarily limited to, when there remain cost-effective energy conservation measures to be undertaken with regard to the dwelling. (3) An energy utility shall not make a loan or a cash payment for the installation of urea-formaldehyde wall insulation. [Publications: Publications referenced are available from the Agency.]