|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, Geothermal Heat Pumps|
Repayment: 12 to 60 months
Residential Geothermal Heat Pump: 15,000 - 20,000
Commercial Geothermal Heat Pump: 40,000
Otter Tail Power Company's Dollar Smart Financing Program offers loans of $150 - $40,000 to 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 normally $25,000, however, loans of up to $40,000 are available for installing commercial geothermal heat pumps. Contact Otter Tail Power Company for more information on these offerings.