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On-Bill Repayment for Heat Pumps

Get affordable financing for energy-saving upgrades

Making the switch to a high-efficiency heat pump just got easier. Now, when you upgrade to a qualified heating system, you can apply for On-Bill Repayment and receive an affordable loan. Energy Trust is working with Portland General Electric, Pacific Power, and local nonprofit lender Craft3 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 package it with your heat pump upgrade. Heating system and insulation upgrades are a great way to increase comfort, and save energy and money.

  1. Establish your eligibility.

    Read More >

    You must live in Oregon and heat your home with electricity provided by Portland General Electric or Pacific Power. Additional requirements apply, check the Details tab for more information.

  2. Contact an approved Energy Trust trade ally trained to provide heat pump On-Bill Repayment services.

    Your contractor will provide a bid for eligible upgrades.

  3. Fill out and sign the initial Energy Trust On-Bill Repayment incentive application provided by your contractor.

    Your contractor will submit this form to Energy Trust.

  4. Apply for the Craft3 loan.

  5. Close your loan and begin your project

    Upon incentive approval by Energy Trust and loan approval by Craft3, Craft3 will generate loan documents. Once your loan documents are signed and your loan is closed, 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, you must reside in and own the home receiving the upgrades. The loan may only be used to cover the cost of materials and installation for the following projects that qualify for Energy Trust incentives:

  • Heat pump
  • Ductless heat pump
  • Ceiling, wall or floor insulation*

Insulation projects are only eligible for on-bill repayment when installation is combined with a qualifying heat pump upgrade.

Craft3 offers the following home energy-efficiency loan terms to qualifying customers.

Loan Amount $2,500-$7,500$7,501-$10,000
Rate & APR6.49% (7.39% APR)6.49% (6.89% APR)
TermUp to 7 yearsUp to 10 years
Loan Fee$175 $175
Example Payment Amount
$92/month
(for $6,175 loan amount)
$116/month
(for $10,175 loan amount)
Loan Repayment Home heating billHome heating bill

Project eligibility is determined by Energy Trust. Loan terms are available for qualifying projects installed in owner-occupied single-family homes, condominiums or townhomes; owner-occupied manufactured homes with land ownership are also eligible. Loan availability, terms and conditions are current as of 1/1/17 and are subject to change without notice. Not all applicants will qualify. Craft3 is an equal opportunity lender, NMLS ID#390159.

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 the loan, visit Craft3’s webpage or call 888.231.2170.

Why choose On-Bill Repayment?

  • No loan or application fees. Energy Trust will pay your application fee and loan fees, so there are no upfront costs to apply.
  • 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.

What if the project costs change once work begins?

If the cost of the project increases after work has started, you will you will need to sign updated loan documents with Craft3 and your contractor will need to resubmit the incentive form to Energy Trust once you have signed it. If the final project costs are less than the loan amount, Craft3 will lower your loan amount and adjust the payments.

Who should I contact with questions about On-Bill Repayment?

For more information about qualifying projects, call us at 1.866.368.7878 or email us at onbill@energytrust.org.

For more information about the loan, visit Craft3’s webpage or call 888.231.2170.

How long will it take for me to start making loan payments through my utility bill?

You can expect to begin loan payments one to two bill cycles after funds are disbursed to your trade ally contractor.

What happens if I sell my house?

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.

Why don’t renters qualify for this loan?

This offer is only available for homeowners because we require that the property owner approves all decisions regarding upgrades or changes to the home in order to receive incentives, and because of the terms required by the loan.

Why is there only one lender?

We chose to work with Craft3 as the lender for this offer because Craft3 is a local nonprofit Community Development Financial Institution, CDFI, lender dedicated to helping Pacific Northwest families and businesses invest in their homes and communities.

What aspects of my project costs are eligible to be part of the loan provided by Craft3?

All costs associated with the specific energy upgrade are eligible to be included in the loan, up your loan maximum.

What other financing options are available to me if I don’t qualify for On-Bill Repayment?

Energy Trust works with a growing number of lenders who offer specialized financing options to support customers interested in investing in energy-efficiency upgrades for their homes or businesses. 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.

I completed a project and received a loan from Craft3 using the On-Bill Repayment option. I have some questions about my loan and payment. Who should I contact if I have a question?

For questions regarding you on-bill loan you should contact Craft3 by phone at 1.888.231.2170 or by email at loanservicing@craft3.org.

What is the NMLS ID number?

NMLS stands for the 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.

Questions?

Give us a call at 1.866.368.7878 or send us an email at onbill@energytrust.org.