Oregon On-Bill Repayment
Get affordable financing for energy-saving upgrades through your Portland General Electric, Pacific Power or NW Natural 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 Repayment and receive an affordable loan. Energy Trust is working with Portland General Electric, Pacific Power, NW Natural and regional 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 bundle it with your heat pump or air conditioner. Heating and cooling systems and insulation upgrades are a great way to increase comfort, and save energy and money.
Establish your eligibility.Read More >
Contact an approved Energy Trust trade ally trained to provide On-Bill Repayment services.
Your contractor will provide a bid for eligible upgrades.
Fill out and sign the Energy Trust On-Bill Repayment incentive application provided by your contractor.
Your contractor will submit this form to Energy Trust.
Apply for the Craft3 loan.
Sign your loan documents and begin your project
Upon incentive approval by Energy Trust and loan approval by Craft3, Craft3 will generate your loan documents, which can be signed electronically. Once your loan documents are signed and returned to Craft3, 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 single-family home, condo or townhome 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*
- Heat pump controls*
- Extended capacity heat pump
- Ductless heat pump
- Central air conditioners**
- Ceiling, wall or floor insulation***
*Ducted heat pumps and heat pump controls upgrades are eligible for On-Bill Repayment when installed in a single-family home, condo or townhome that is part of a duplex, triplex or fourplex property.
**Central air conditioners may be financed for customers of Pacific Power and/or NW Natural only through the Oregon On-Bill Repayment offering.
***Insulation projects are eligible for On-Bill Repayment in single-family homes when installation is combined with a qualifying heat pump upgrade. Insulation projects are not eligible for On-Bill Repayment when installed in condos and townhomes.
Craft3 offers the following home energy-efficiency loan terms to qualifying customers.
|Rate & APR||6.49% (7.15% APR)|
|Term||Up to 10 years
|Repayment Method||Home heating bill|
|Example Payment Amount||$10,000 loan at 7.15% APR
120 payments of $113.81/month
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 1/1/21 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 1.888.231.2170.
- 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.
If the cost of the project increases after work has started, 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.
You can expect to begin loan payments one to two bill cycles after 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.
This offer is only available for owners who live in their single-family home or multifamily residence 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 as the lender for this offer because Craft3 is a regional nonprofit lender 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 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.
For questions regarding your on-bill loan you should contact Craft3 by phone at 1.888.231.2170 ext. 115 or by email at email@example.com.
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.
Give us a call at 1.866.368.7878 or email us at firstname.lastname@example.org.