Oregon Statutes 470.680 – State Department of Energy to identify forms of acceptable security
(1) Subject to ORS § 470.170, the State Department of Energy may identify forms of acceptable security for energy efficiency and sustainable technology loans that the department determines will achieve the goals and requirements of the energy efficiency and sustainable technology loan program and that provide adequate security for repayment of the loans.
Terms Used In Oregon Statutes 470.680
- Base efficiency package: means the package of energy efficiency upgrades or renewable energy projects for a property that, when energy savings, project repayment costs, tax or other incentives, loan offset grants and other relevant economic factors are considered, is estimated to not increase the utility bill of the customer over the loan repayment term. See Oregon Statutes 470.050
- Energy efficiency and sustainable technology loan: means a loan for a small scale local energy project that is repayable by means of:
(a) A charge included with the participant's utility customer account billing; or
(b) An alternative repayment method identified by the department and the borrower and specified in the loan agreement. See Oregon Statutes 470.050
- Lien: A claim against real or personal property in satisfaction of a debt.
- Loan: includes the purchase or other acquisition of evidence of indebtedness and money used for the purchase or other acquisition of evidence of indebtedness. See Oregon Statutes 470.050
- On-bill financing: means a mechanism for collecting the repayment of an energy efficiency and sustainable technology loan through a utility customer account billing system. See Oregon Statutes 470.050
- Optional package: means measures for promoting energy efficiency or the use of renewable energy:
(a) That are in addition to the measures described in the customer's base efficiency package;
(b) For which a customer has the ability to repay; and
(c) That the sustainable energy project manager believes to be feasible for the site. See Oregon Statutes 470.050
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Small scale local energy project: means any of the following:
(a) A system, mechanism or series of mechanisms located primarily in Oregon that directly or indirectly uses or enables the use of, by the applicant or another person, renewable resources including, but not limited to, solar, wind, geothermal, biomass, waste heat or water resources to produce energy, including heat, electricity and substitute fuels, to meet a local community or regional energy need in this state. See Oregon Statutes 470.050
(2) For loans from the Small Scale Local Energy Project Loan Fund, the department may record a fixture filing as defined in ORS § 79.0102 covering those building materials to be attached to the real property pursuant to an energy efficiency and sustainable technology loan that remain easily detachable from the property and are not essential to a structure or the use of a structure. The department shall record a lien on the real property benefited by the loan for those indebtedness amounts that are not secured by a fixture filing. The department may record a filing or lien under this section only on a property for which the property owner has agreed to the installation of a base efficiency package or optional package benefiting the property.
(3) An energy efficiency and sustainable technology loan must provide for repayment through an on-bill financing system unless the department finds that an alternative method for repaying the loan would provide suitable security for the loan and the department and the borrower specify the alternative repayment method in the loan agreement. [2009 c.753 § 36]