Upgrading a home’s insulation, doors, HVAC and windows can help make energy bills lower. CEC has two loan programs to assist qualifying members with home improvement efforts. One is the Co-op Energy Efficiency Loan Program and the other is the CRS Energy Efficiency Loan Program.
The Co-op Energy Efficiency Loan Program is offered through a partnership with PowerSouth and Regions Bank, which makes low-interest loans available to qualifying CEC members. The process begins with a free energy audit by CEC to target efficiency opportunities. Participating members will complete a simple loan process with Regions Bank over the telephone. If approved, they will hire a contractor to do the work and then make monthly payments to Regions Bank. The minimum amount to borrow for qualifying CEC members is $2,000 and goes up to a maximum of $10,000, or up to $20,000 with weatherization improvements with heat pump.
The CRS Energy Efficiency Loan allows qualifying CEC members to borrow up to $5,000 to make energy efficiency improvements to their home. The interest rate is one point above prime. Approved applicants can choose up to 60 months financing with the payment added to their monthly utility bill. This loan must be secured with approved collateral. CEC members must complete and submit a loan application that will be processed and reviewed by the CEC board of trustees at their monthly board meeting. The board will approve or deny the loan applications based on payment history with CEC, a credit report and collateral.
In order to apply for either of the loan programs, CEC members must: Own the residence; And be a CEC member for at least one year in good standing.
If you are interested in either of these loan programs, please contact us today to take the first step toward whole-house energy efficiency.