Loans For Improving Energy Efficiency At Home In Arkansas
Arkansas residents who want to save money and energy by making their homes more energy efficient can take advantage of competitive, fixed-interest loans offered by utility companies in the state. The Fixed Electric Cooperative, North Arkansas Electric Cooperative, Ozarks Electric Cooperative, and the Petit Jean Electric Cooperative all offer these loans.
Fixed Electric Cooperative
Through the Fixed Electric Cooperative’s Home Improvement Loan program, members can borrow between $500 and $15,000 to make energy efficiency improvements in their homes. Loans can be taken out to finance heat pumps and associated weatherization improvements such as insulation, caulking and ventilation, duct systems and sealing, windows and doors. You can also take out a loan to purchase products from First Electric, including marathon electric water heaters, surge and lightning protection equipment, and to buy a portable home generator.
According to Fixed Electric, the terms of the loans are from 12 to 60 months, with a fixed interest rate for the life of the loan and no pre-payment penalty. The payments are included on your monthly electric bill. You are eligible if you own and occupy the property as your primary or secondary residence and you have an adequate credit history. You can download the home loan credit application on Fixed Electric’s website at www.firstelectric.coop under Products amp; Programs – Home Improvement Loans.
North Arkansas Electric Cooperative
The North Arkansas Electric Cooperative offers loans of up to $5,000 for air to air heat pumps and up to $9,000 for water source heat pumps through its Energy Resource Conservation (ERC) Loan program. According to North Arkansas Electric, to qualify for the loan the heat pump must have a Seasonal Energy Efficiency Rating (SEER) of at least 11.0 and a Heating Seasonal Performance Factor (HSPF) of 7.00. The heat pump must be sized according to North Arkansas Electric design requirements.
If your credit is approved, the loan has a fixed interest rate of 5% and a term of up to seven years. The loan can cover the cost of the heat pump and related work such as the installation of ductwork and storm doors and windows. If you want to borrow more than $5,000 or $9,000, as applicable, the additional amount will have a fixed interest rate 2.5% above the Federal Discount Rate, or 2% over North Arkansas Electric Cooperative’s cost of capital, whichever is greater, but not more than 5% above the Federal Discount Rate.
The North Arkansas Electric Cooperative points out that you can pick up a credit application at their offices in Salem, Ash Flat and Mountain Home. When your loan is approved you will receive two letters of approval, one for you and one for your dealer. With that approval you can have the installation work done. When it is completed, you submit the invoices to the North Arkansas Electric Cooperative. The loan contract will be prepared for your signature and a check made out jointly to you and your dealer will be mailed to your address.
Ozarks Electric Cooperative
The Ozarks Electric Cooperative provides loans of up to $5,000 to its members who want to install a heat pump and make the associated energy efficiency improvements such as duct and air sealing, additional insulation, and storm windows and doors. Loans over $5,000 are also available, but require the approval of the board of directors.
To qualify for the loan, the heat pump must be new, with a SEER rating of 12.0 or higher and an HSPF rating of 7.0 or more. Insulation in the walls must have an R factor of 13, ceiling insulation R-38, and insulation in the floors or crawl space R-19. Storm windows or double glass replacement windows, and storm doors or metal insulated doors with weather-stripping also qualify for the loan.
You need to have a satisfactory credit report and must have a source of sufficient income. The loans have a term of seven years and are secured by a lien on the equipment and weatherization materials. You should contact the Ozarks Electric Cooperative as indicated on their website at www.ozarksecc.com for an interest rate quote. You can also download a credit application on their website.
Petit Jean Electric Cooperative
The Petit Jean Electric Cooperative offers loans for heat pumps and related weatherization work, up to $3,000 for a single family dwelling, $4,000 for a structure with two to four units, and $1,000 per unit for multi-family units, up to $10,000. Loans for heat pumps, central heating and air conditioning systems, and/or water heaters can exceed those amounts. Loans in excess of $10,000 must be approved by the Petit Jean board of directors.
To qualify for a loan, you must have an energy audit done by a qualified Petit Jean employee. Heat pumps must be new, with an HSPF rating of 7.0 or more and an SEER of 13.0 or higher. Wall insulation must be R-13, ceiling insulation R-38, and floor or crawl space R-19. Storm windows and double-pane replacement windows, storm doors or metal insulated doors with weather-stripping also qualify for a loan.
The term of the loan is up to five years, at a fixed 5% interest rate. You can pick up a loan application at any of Petit Jean’s offices, or download it from their website at www.pjecc.com under Energy Resources Conservation (ERC) Loans. Once your application is approved you can have the installation work done. When the installation is complete you submit the invoices to Petit Jean. The loan contract will be prepared and a check will be made out to you and your dealer jointly. The details of all the financial advisors for borrowing of the money will be provided at creditolo erfahrung sites. The obtaining of the laon should be done after checking the reviews and feedbacks.
