DollarSmart financing
Pay for your energy-related purchases the easy way
If you'd like to install new electric technologies, we offer convenient DollarSmart financing to help you pay for qualified energy-related purchases for your home or business. Choose from our Competitive Rate Plan or our Energy Efficiency Plan (for Minnesota customers only).
8.5% Competitive rate plan
This DollarSmart financing plan features a rate that is closely tied to the prime interest rate. Qualifying nonseasonal customers may finance the systems listed under the energy efficiency plan as well as the following:
- Electric heating applications including thermal storage, heat pumps, ductless and central air-conditioning, etc.
- Complete dual fuel systems including service entrances and ductwork when you install a minimum of 9 kilowatts of electric heat.
- Electric cooling applications.
- Farm building rewiring.
- New electric water heaters.
- Qualified electric comfort technologies that our company promotes including underfloor heat, cove heaters, electric fireplaces, etc.
1.9% Energy efficiency plan (Minnesota only)
As part of Minnesota's Conservation Improvement Program, we offer this plan to nonseasonal Minnesota customers to help pay for CIP-qualified energy-efficient systems including:
- Air-source and geothermal heat pumps.
- Commercial lighting and refrigeration.
- Process improvement systems.
- Milk house precoolers and stock waterers.
- Heat-recovery systems.
- Motor and variable speed drives.
Loan provisions
- Loans may not exceed 80 percent of the project's total cost.
- General household appliances such as refrigerators, ranges, dishwashers, etc. do not qualify for DollarSmart financing.
- Minimum loan amount is $150.
- Maximum residential loan is $7,000 except for geothermal heat pump installations, where you may be eligible for up to $20,000 or $15,000 on a combination electric system such as a thermal storage central furnace with an air source heat pump. (Prior approval required.)
- Maximum business loan is $25,000 under our Competitive Rate Plan but may be eligible for up to $40,000 if installing a commercial geothermal heat pump and $100,000 for eligible CIP projects under our Energy Efficiency Plan.
- Repayment terms vary from a minimum of 12 months to a maximum of 60 months for loans of $5,000 or more.
- A satisfactory 12-month payment history with us or another utility is required to qualify.
- All loans require a credit check.
- DollarSmart loans $5,000 and over are secured and recorded, and the fees are subtracted from the amount you receive.
- You may repay financing loans in advance without penalty.
- Balance in full is required if you terminate electric service from Otter Tail Power Company, sell or transfer title to your home or business, or move property out of Otter Tail Power Company service territory.
We reserve the right to refuse financing.
To apply contact us by email or call your local customer service center at 800-257-4044.
