In addition to the residential energy conservation program approved under ORS § 469.633, an investor-owned utility may offer an additional financing program for energy conservation measures for a dwelling owner who rents the dwelling to a tenant whose dwelling unit receives energy for space heating from the investor-owned utility. The financing program may consist, at a minimum, of either of the following:

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(1) Offering low-interest loans to fund the entire cost of installed energy conservation measures up to $5,000 per dwelling unit. In addition to the loan subsidy provided under ORS § 469.633 (3), the loan shall be further subsidized by applying the present value to the public utility of the tax credit received under ORS § 469B.130 to 469B.169. Any portion of the present value of the tax credit shall accrue to the dwelling owner rather than to the investor-owned utility.

(2) Offering cash payments in addition to the cash payments required in ORS § 469.633 (3). The additional cash payment shall be equal to the present value of the tax credit received under ORS § 469B.130 to 469B.169. [1985 c.745 § 11; 1989 c.765 § 9]