|Incentive Type:||Utility Loan Program|
|Eligible Efficiency Technologies:||Refrigerators, Water Heaters, Lighting, Furnaces, Heat pumps, Central Air conditioners, Heat recovery, Duct/Air sealing, Motors, Motor-ASDs/VSDs, Custom/Others pending approval, Yes; specific technologies not identified, Geothermal Heat Pumps|
Repayment: 12-60 months
|Incentive Amount:||Minimum: 150|
Otter Tail Power Company's Dollar Smart Financing Program offers $150 - $40,000 loans to its residential and business customers. Customers who have satisfactory 12-month payment histories with Otter Tail or another utility may use the 8.5% interest rate loan to finance purchases of new electric technologies. Loans may not exceed 80 percent of the project's total cost, and the maximum residential loan is $7,000 with the exception of geothermal heat pump installations and combination electric systems such as a thermal storage central furnace with an air source heat pump, which are eligible for up to $20,000 in financing. The maximum loan amount for businesses is $25,000, or $40,000 if installing a commercial geothermal heat pump. Other projects may be available for CIP financing, which provides rebates up to $100,000. Contact Otter Tail Power Company for more program information. General household appliances such as refrigerators, ranges, dishwashers, etc. do not qualify for DollarSmart financing.