Financing

Finance efficiency upgrades for a low rate

Why wait to start saving money on your energy bills? Our DollarSmart financing program lets you make energy-efficient system updates to your business with a low 1.9% interest rate loan.

How it works

Our financing program is part of the Minnesota Conservation Improvement Program (CIP). It is an option you can select in lieu of rebates. Financing helps you pay for CIP-qualified energy-efficient systems including:

  • Air-source and geothermal heat pumps
  • Lighting and refrigeration
  • Process improvement systems
  • Milk-house pre-coolers and stock waterers
  • Heat-recovery systems
  • Motor and adjustable-speed drives

Program eligibility and details

You must be a non-seasonal agricultural, commercial, or industrial customer and pass a credit check to qualify for DollarSmart financing. Your loan cannot exceed 80% of the total cost of your project.

Loan payments will be added to your monthly electric bill.

Additional loan details

  • The minimum loan amount is $150.
  • The maximum loan amount is $100,000.
  • Repayment terms vary from a minimum of 12 months to a maximum of 60 months for loans of $5,000 or more.
  • You must have a satisfactory 12-month payment history with Otter Tail Power Company or another utility company.
  • Loans of $5,000 or more are secured and recorded, and the fees are subtracted from the amount you receive.
  • Financing is not available on heat pumps installed to replace natural gas or delivered heating fuels.
  • You’ll need to pay your balance in full if you end electric service from Otter Tail Power Company, sell or transfer title on your business, or move out of our service area.

We reserve the right to refuse financing.

Apply for financing

Contact one of our Energy Management Representatives to learn more about applying for financing. Or call the Idea Center at 800-257-4044 during business hours.

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