State Energy Loan Program

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Program Description

The Idaho Governor’s Office of Energy and Mineral Resources (OEMR) State Energy Loan Program offers low-interest loans to develop energy projects for homes and businesses located within Idaho. Applications are evaluated using project specifications that are noted under the Qualifying Addendums below. All loans are evaluated by a financial institution for credit worthiness and must be secured with real estate. Consumers may choose to leverage these loans by accessing utility incentives and federal and state tax credits and deductions. A list of policies and incentives can be found at the Database of State Incentives for Renewables & Efficiency.

• First year no interest.
• Flexible payment plans.
• 10 year loan repayment.
• Single Family Housing Loans (including Renewable Energy Loans): $1,000 to $50,000.
• Commercial/Multi Family Home/Agricultural/Industrial Loans (including Renewable Energy Loans): $1,000 to $150,000.

Download brochure here.

Payments

All loan applicants are charged a credit analysis fee of $100 for Single Family Housing loans and $250 for Commercial/Multi Family Home/Agricultural/Industrial loans made payable to the Idaho Governor’s Office of Energy and Mineral Resources. Loan fees and payments may also be made online.  We accept Visa, MasterCard, or Discover and all credit card payments will be assessed a 3^rd party charge of 3%.

Single Family Housing Loans

• Single Family Housing Application

Commercial/Multi-Family Home/Agricultural/Industrial Loans

• Commercial Application

Qualifying Addendums

• Insulation
• Windows
• Weatherization
• HVAC
• Appliances
• Lighting
• Renewable Energy Project

State Energy Loan Program Process

1 – Complete a Project Application:  Choose the Single Family Housing document or the Commercial/Multi Family Home/Agricultural/Industrial document.

2 – Complete the Qualifying Addendum(s) and include a contractor bid/proposal and other pertinent information as noted in the qualifying addendum(s) for the project. Please note that we cannot loan on energy projects that have already been installed or new construction. Contractors must abide by all applicable rules, for more information please visit: https://ibol.idaho.gov/IBOL/CONT/Documents/CON_CONSUMERS_GUIDE.pdf

3 – Submit this initial paperwork to the OEMR for technical criteria review. The OEMR will respond within 7-10 working days upon receipt of documents to confirm technical review approval of the Project Application. Please note that incomplete documentation will delay the approval process.

4 – If the initial project passes the technical review, applicants will be contacted to submit the following:

• • A credit analysis fee: $100 Single Family Housing loans or $250 Commercial/Multi Family Home/Agricultural/Industrial
  • A copy of the subject property deed of trust with the legal description (subdivision, lot, block or township, range, section).
  • A completed W-9.

5 – The OEMR will then mail a credit application to the applicant and advise the financial institution chosen by the applicant.

6 – The selected financial institution will notify the applicant and the OEMR if credit has been approved or denied. If credit is denied, the credit analysis fee will be paid to the financial institution and will not be refunded to the applicant.

7 – The applicant will be contacted by the institution to sign the loan documents.

8 – All loans will be secured with a deed of trust or a mortgage.

9 – All loan payments will be made through the Idaho Governor’s Office of Energy and Mineral Resources and will be repaid to the Idaho Governor’s Office of Energy and Mineral Resources.

10 – Applicants refinancing their home mortgage after obtaining a loan from the OEMR will need to pay the current loan in full in order to obtain new financing. The Idaho Governor’s Office of Energy and Mineral Resources will not subordinate its lien position.