Oregon On-Bill Loan Repayment
Get affordable financing for energy-saving upgrades through your Portland General Electric, Pacific Power, NW Natural or Avista bill
Making the switch to a high-efficiency heat pump or adding a central air conditioner just got easier. Now, when you upgrade to a qualified heating or cooling system, you can apply for On-Bill Loan Repayment and receive an affordable loan. Energy Trust is working with Portland General Electric, Pacific Power, NW Natural, Avista and regional nonprofit lenders Craft3 and Puget Sound Cooperative Credit Union (PSCCU) for this special offer.
Payback is simple, with payments made right on your energy bill. Plus, you’ll receive cash incentives from Energy Trust to help cover your costs. You can also add the cost of insulation improvements to your loan if you bundle it with your heat pump, air conditioner, gas fireplace or gas tankless water heater. Heating and cooling systems and insulation upgrades are a great way to increase comfort, and save energy and money.
To make sure your projects qualify, get started by contacting an Energy Trust trade ally contractor trained to offer On-Bill Loan Repayment.
Establish your eligibility.Read More >
Contact an approved Energy Trust trade ally trained to provide On-Bill Loan Repayment services.
Your contractor will provide a bid for eligible upgrades.
Fill out and sign the Energy Trust On-Bill Loan Repayment incentive application provided by your contractor.
Your contractor will submit this form to Energy Trust.
Apply for an on-bill repayment loan.
Sign your loan documents and begin your project
Upon incentive approval by Energy Trust and loan approval by Craft3 or PSCCU, the lender will generate your loan documents, which can be signed electronically. Once your loan documents are signed and returned to Craft3 or PSCCU, notify your contractor to begin work. You will receive communication from your utility when your loan repayment is active and you will begin seeing it on your energy bill.
In addition to the eligibility requirements listed in the Steps tab, to participate you must reside in and own the residence receiving the upgrades. If you live in a single-family home, or multifamily residence that is an attached side-by-side unit like a rowhome, or is a unit within a duplex, triplex, or fourplex, you are eligible for all available incentives. The loan may only be used to cover the cost of materials and installation, up to $15,000 for the following projects that qualify for Energy Trust incentives:
- Heat pump
- Heat pump controls
- Heat pump water heater*
- Extended capacity heat pump
- Ductless heat pump**
- Central air conditioners***
- Ceiling, wall or floor insulation****
- Gas fireplace
- Gas furnace*****
- Gas tank water heater*
- Gas tankless water heater
*There is no customer-facing incentive for heat pump water heaters or gas tank water heaters, but the cost of the unit and installation may be financed with Oregon On-Bill Loan Repayment.
**Stacked structures with five or more units are also eligible for the ductless heat pump incentive.
***Central air conditioner financing is available for Oregon customers of Pacific Power and NW Natural or Avista.
****Insulation projects are eligible for On-Bill Loan Repayment in single-family homes and multifamily residences when installation is combined with a qualifying heat pump, central air conditioning, gas fireplace or gas tankless water heater upgrade.
*****Gas furnace incentive only available for multifamily residences.
Craft3 and PSCCU offer the following home energy-efficiency loans to qualifying customers. Repayment method is the home heating bill.
To learn more about loan terms and to apply for financing, visit our lenders’ webpages:
†For homes that are primarily heated by gas provided by Avista, apply with PSCCU.
Project eligibility is determined by Energy Trust. Loan terms are available for qualifying projects installed in owner-occupied single-family homes, attached side-by-side units like a rowhome or units within a duplex, triplex or fourplex property; owner-occupied manufactured homes with land ownership are also eligible. Loan availability, terms and conditions are subject to change without notice. Not all applicants will qualify. Both Craft3 (NMLS ID#390159) and PSCCU (NMLS ID#619183) are equal opportunity lenders.
Contact one of our trained trade ally contractors or call Energy Trust at 1.866.368.7878 to take advantage of this financing option.
To learn more about Craft3 loans and to apply for financing, visit Craft3’s webpage or call 1.888.231.2170, ext. 225.
To learn more about PSCCU loans and to apply for financing, visit PSCCU’s webpage or call 1.800.273.1550.
- Inclusive loan approval criteria. You may be eligible for a loan even with a less-than-perfect credit score.
- Big savings, small bill. The energy savings from your upgrades may offset much of the loan cost, so you could see little to no increase in your energy bill.
You can expect to begin loan payments on your utility bill one to two bill cycles after funds are disbursed to your trade ally contractor.
You will make the first payment directly to PSCCU after the lender has made the first 50% payment to your trade ally contractor. Once the work has been completed, you can expect to begin loan payments one to two bill cycles after the remaining funds are disbursed to your trade ally contractor.
You have the option of either paying the remaining balance of the loan or transferring the loan as a term of sale to the next homeowner. Loan transfers will require approval by Craft3 and fees may apply.
You will need to pay off the remaining balance of the loan at the time of the sale.
This offer is only available for owners who live in their single-family home or qualifying multifamily residence that is an attached side-by-side until like a rowhome, or is a unit within a duplex, triplex or fourplex, because the property owner must approve all upgrades or changes to the residence in order to receive incentives and meet the required terms of the loan.
We chose to work with Craft3 and PSCCU as lenders for this offer because they are regional nonprofit lenders dedicated to helping Pacific Northwest families save energy and protect the environment.
All costs associated with the qualified energy upgrade are eligible to be included in the loan, up to your loan maximum.
Visit our financing webpage to find additional financing options. You can also talk with your bank or credit union to see if they offer loans for energy improvement projects.
NMLS stands for Nationwide Multistate Licensing System & Registry. It is a system used by most states to aggregate licensure information for financial services such as mortgage lending. For more information, visit the NMLS webpage.
For incentive related questions, please give us a call at 1.866.368.7878 for single-family home projects or 1.877.510.2130 for multifamily projects or email us at email@example.com.
For questions regarding the loan process: