ENERGY LOAN PROGRAM

625 Marion Street NE

Salem, OR 97301-3737
1-800-221-8035

APPLICATION FOR RESIDENTIAL or FAMILY FARM SIZE PROJECT.

Other applications are available for public, industrial, and commercial projects.

Please check off and attach the following:

‰ Copy of Business Energy Tax Credit or Residential Energy Tax Credit Application.
‰ Copy of your most recent property tax statement, showing the true cash value—or if available, a current MAI
appraisal, showing market value of real property security.
‰ Copy of prior Title Insurance Policy if available.
‰ Attach any useful brochures or manufacturer's data and any dealer or contractor bids.
‰ Copy of last two years tax returns. W2s are sufficient if you receive your income from wages.
‰ Please include application and underwriting fee (see frequently asked questions for amount).
Due to our fee structure, energy loans smaller than $20,000 may be less cost effective than private financing. We encourage you to
investigate your options.

LOAN REQUEST: AMOUNT $________________ REQUESTED TERM: _________________

How did you hear about this loan program? ______________________________________________

APPLICANT: ____________________________________________________ SS# ____________________________

CO-APPLICANT: ________________________________________________ SS# _____________________________
Address of project: _________________________ City: _______________ Zip: __________ County: _______________
Mailing address if different: ______________________________________________________ How long? __________
Telephone: Work: ____________________ Home: ____________________ E-mail: _____________________________

INCOME for previous 12 months: Attach additional pages if necessary.

APPLICANT: Employer: _________________________ Address: ________________________ Phone: ____________
Time with employer: _______________________ Position: __________________ Monthly salary: $__________
CO-APPLICANT: Employer: _____________________ Address: ________________________ Phone: ____________
Time with employer: _______________________ Position: __________________ Monthly salary: $__________
If you are self-employed or if your income does not come from a regular salary, attach copies of your last two years tax
returns. We will contact you if we need more information.

Assets Liabilities
Financial Account # Payment Balance
Institution
Checking Account $ Home Loan $ $
Savings Account $ Auto Loan $ $
Home $ Credit Card $ $
Auto $ Credit Card $ $
Other $ Other $ $
Other $ Other $ $
Other $ Total Liability: $
Total Assets $ Net Worth: $

Version: February 2005 Residential Application–Page 1

Are you obligated to pay spousal or child support? (circle one) Yes No
Do you co-sign or guarantee any other loans or obligations? (circle one) Yes No
For whom: ______________________ Lender: ___________________ Balance: $__________ Payment: $___________
Have you filed bankruptcy, lost property by foreclosure, or had other credit problems in the last seven years? (circle one)
Yes No If yes, explain: ________________________________________________________________________

SECURITY: Energy loans are usually secured by a mortgage on the property where the project is located.
What property will be used as collateral? _____________________________________________________________
For residential projects, what year was the home built? __________ Size of the home in square feet? __________
NOTE: For customers planning a space-heating project: According to ORS 330-062-0035, homes built before January 1, 1979 must
meet weatherization standards. Please complete the Home Weatherization Questionnaire available from the Department of Energy or
download it online at: http://egov.oregon.gov/ENERGY/LOANS/docs/HomeWeatherization.pdf

PROJECT INFORMATION: Briefly describe your project. What is it? What will it do?

Date you expect to start construction: __________ Estimated completion date: __________ Useful life? __________

Please list any consultants’ names and telephone numbers.

Engineer: _________________________________________________________ Phone: ___________________
Architect: _________________________________________________________ Phone: ___________________
Contractor: ________________________________________________________ Phone: ___________________
Dealer:__________________________________________________________ Phone: ___________________
Have you had an energy audit? (circle one) Yes No
What energy measures were installed? _______________________________________________________________
What is your current home heating energy? Electric:… Gas:… Oil:… Other: _______________
What is your current type of heating system? Baseboard:… Forced Air:… Other:_______________
How much energy is your project expected to produce or save? Energy __________________or $_______________
Electric utility: _____________ Natural gas utility: ______________________ other: _______________________
COST ESTIMATE: List all costs; use a separate sheet if needed.
Expense Item Cost
Loan fees and closing costs $
Capitalized interest $
Equipment $
Installation $
Permits and fees $
Contingency $
Other $
Total Project Costs $

Describe any environmental impacts and steps taken to reduce any negative effects: ___________________________

______________________________________________________________________________________________

Version: February 2005 Residential Application–Page 2

 IMPORTANT—READ CAREFULLY—Authorization to Release Credit Information
APPLICANT(S) CERTIFIES AS FOLLOWS: the energy project is located in Oregon; that applicant(s) will use loan proceeds only to
construct the energy project described; that the project construction to be financed will not commence or be obligated until the loan is
approved; that the applicant(s) will comply with all applicable rules and laws intended to preserve or enhance environmental quality;
that applicants will obtain all applicable local, state, and federal permits, approvals and licenses and comply with their conditions and
terms; that no loan funds will be used for refinancing of existing debts unless authorized. Applicant(s) declares under penalty of law
that all facts given and information attached are true and correct. Applicant(s) authorize the Small Scale Energy Loan Program
(SELP) to verify any facts they deem necessary for loan analysis, including obtaining my/our credit report(s). Applicant(s) authorize
SELP to use their name, address, project information, and project photos to explain or promote the loan program.
I understand my loan may include a prepayment penalty and I have enclosed an application and underwriting fee of: $____________

Applicant Date Co-Applicant Date

Applicant(s) need to provide in writing if any application information is to be considered exempt from public disclosure (ORS
470.065)

Disclosure of social security numbers is not mandatory. The Department of Energy intends to use the number to obtain a credit report
to comply with ORS 470.090 (2) (e). The Privacy Act of 1974 prohibits the state from denying a loan because a person does not
disclose their social security number.

FREQUENTLY ASKED QUESTIONS

Information for Borrowers–visit http://egov.oregon.gov/ENERGY/ for more information.
What Kind of Projects Do We Finance?
Projects must conserve energy, produce useful energy from a renewable resource, be a qualified alternate fuel project, or a
qualified recycling project in Oregon. Examples of residential projects include:
• Weatherization and high efficiency appliances
• Solar space or water heating and photovoltaics
• Wind and small hydroelectric generators
• Geothermal heating systems, and
• Ground water or solar assisted heat pumps
Many other projects are possible.

What Can Loan Funds be used for?

Loan funds can be used for:
• Equipment, installation, and other energy project construction costs
• Retrofit weatherization in connection with a heating project
• Normal loan fees, closing costs, and interest during construction
Loan funds cannot be used for:
• Costs incurred before loan application unless pre-approved.
• Cost of acquiring a home or site
• Back-up system costs such as a conventional electric furnace
• Reimbursement of loan application fees

Usually only the energy project can be financed. For example, SELP loans would not pay for a new home, but they can be
used for the specific costs of the solar or other renewable, or high efficiency energy elements to be built into a new or
existing home.

What Loan Security Must I Offer?

SELP loans must be secured. We usually lend on a first or junior mortgage if you have adequate equity in your home.
Your loan officer can discuss the need for an MAI appraisal or other security options.

Version: February 2005 Residential Application–Page 3

How Long Are Loan Terms?
Loans generally run from 10 to 15 years, but can go to 20 years if the project warrants. Loans may have prepayment
penalties.

Is My Loan File Confidential?

In general, loan application files are public records and are open to public inspection. However, Oregon law ORS 470.065
exempts certain kinds of information from public inspection if requested by the applicant. This includes, financial
statements, customer lists, production lists and other information. You can request the specific information you wish kept
confidential in your application. If the Director of the Oregon Department of Energy receives a request from a citizen to
inspect your application file, the Director will decide if any or all of the information you believe should be exempt is,
indeed, exempt from public disclosure under the law. The person who wants to inspect the application file has the right to
appeal the Director’s decision. In the event of an appeal, the state Attorney General will make a final ruling.

How Is My Application Processed?

1. SELP staff reviews both your project and financial information to make the loan decision.
2. For requests under $100,000, your loan decision should be made within one week from having a complete
application. Larger application can take several weeks or more.
3. On approval, you receive a commitment listing the items needed before loan closing. For example, an appraisal
and final design drawings may be needed.
4. Loan documents are then sent to you or your title company for closing.

How Do I Receive The Money?

Loan funds are usually paid to you and/or your contractor or supplier upon receipt of invoices. Keep receipts or work
orders as proof that you used the loan only to pay approved project costs.

What Is the SELP Interest Rate?

Check with us for updates. The rates and terms on loans are fixed at closing.

What Other Loan Costs Are There?

Borrowers pay all costs of operating the loan program. You should expect to pay the following:
1. Application Fee: One-tenth of one percent of the amount applied for (maximum fee $2,500) to be submitted with the
application. This fee is not refundable and not reimbursable from loan proceeds.
2. Underwriting Fee: $500 or one-half of one percent of the loan request, whichever is greater, not to exceed $5,000
also to be submitted with the application. All but $500 of the underwriting fee will be applied toward the loan fee
upon loan closing. This fee is also not refundable.
3. Loan Fee: One percent of the loan amount less the underwriting credit to be collected at loan closing. This cost may
be included in your loan.
4. Appraisal Fee: If an appraisal is required, you will be required to pay the full cost. Your loan officer will discuss
with you the need for an appraisal.
5. Closing Cost: the usual loan costs, such as escrow closing costs and title insurance are required. We would contact
you for your approval before you would incur any unique or special costs. These costs also may be funded by your
loan.
6. Construction Fees: Any construction charges will be specified in advance for you. Such charges are normally
minimal. Interest is charged on funds disbursed during construction. These costs too, may be funded by your loan.
7. Other Charges: Complex loans may have additional out of pocket expenses such as legal review of documents.
8. Prepayment premium: Your loan may have a prepayment premium.

Special: Renewable energy project loans under $20,000 have a combined application, underwriting and loan fee of $500

Do I Receive Energy Tax Credits?

You may obtain an Oregon tax credit and use Energy Loan program funding. Many projects funded by SELP are eligible
for a state energy tax credit. Tax credit forms can be processed at the same time the loan is being processed. Be sure to
attach a copy of your tax credit application to your loan application – this can provide us with project details. Tax credit

Version: February 2005 Residential Application–Page 4

criteria are not the same as loan criteria, so tax credit approval does not necessarily insure loan approval. Tax credit
application fees are not reimbursable from loan proceeds.

Will SELP Ensure that My Project Is A Good One?

The Oregon Department of Energy may not:
• Act as your attorney, engineer, financial or tax consultant. You should hire any professional help you need.
• Guarantee you are making a good investment.
• Endorse any project, manufacturer, contractor, or component. All evaluations are made only for loan purposes.
You should shop for bids and use professional help if necessary.
• Compel a contractor or engineer to remedy defects in construction or to live up to any contracts they may make
with you.
• Ensure that any project is safe, feasible, or operable. Inspections are for loan purposes only. You should inspect
all work carefully for your own protection.
• Guarantee the confidentiality of application or loan files. ORS 470.065 defines material exempt from public
disclosure and provides that the Director's decision concerning disclosure is subject to an appeals process.

Where Do I Send My Application or Go For more Information?

Oregon Department of Energy

Energy Loan Program
625 Marion St. NE
Salem, OR 97301-3172
(800) 221-8035
http://egov.oregon.gov/ENERGY/

Version: February 2005 Residential Application–Page 5