Energy Advance loan
Borrow for insulation, efficient electric heat pumps and other energy improvements to your home or business after at least 12 months of Berkeley Electric service.
Denne finansieringsmulighed er i øjeblikket beskrevet på engelsk.
The loan pays for materials and labor. Eligible work includes insulation for attics, ducts, floors, walls, water heaters and water piping; storm windows and doors; replacement thermal windows and insulated doors; attic ventilation; heating and air thermostats; high-efficiency electric heat pumps; caulking and weather-stripping; and air-duct repairs or replacement.
You can borrow $1,000–$50,000 for 12–120 months. Interest ranges from 9.00% to 10.50%, depending on the loan term, and uses simple interest: interest is charged on the borrowed amount rather than on accumulated interest. You repay the borrowed money plus interest directly to Farmers & Merchants Bank of South Carolina. There is no penalty for paying it off early.
A $50 final inspection fee and the county records office’s current filing and release fees are added to the loan amount.
The contractor receives payment after the completed work satisfies both you and Berkeley Electric. If you sell the home or transfer its title, you must repay the loan in full before or as part of that transaction.
Eligibility
- You must own the home or business and have had continuous Berkeley Electric service for at least 12 months. Its service area is in Berkeley, Charleston and Dorchester counties, South Carolina.
- Where ownership is joint, every owner must complete an application.
- If you live in a mobile home, you must own both the home and the land it stands on.
- Inherited properties described as “Heirs” and properties described as “ET AL” (“and others”) do not qualify.
- A credit check and project approval are required. You must use an approved contractor; approved-contractor lists are available at Berkeley Electric and Farmers & Merchants offices.
How to apply
- Status
- Løbende ansøgning
Complete the online Energy Advance loan application, or contact your local Berkeley Electric district office and ask for a Marketing & Energy Specialist. You can also arrange an appointment with Farmers & Merchants Bank. Return a completed paper application to a district office or the bank; online applications are submitted automatically for review. For application questions, call the bank at (843) 761-8888.
Consult Berkeley Electric’s Energy Experts about recommended upgrades. Once the bank approves your loan, request bids from contractors on Berkeley Electric’s approved list and choose a contractor. All work must be completed and the loan closed within 30 days of approval; a bank loan officer closes the loan after you choose the contractor.
Berkeley Electric inspects the completed work against its standards and the contractor’s bid. Payment is issued after those standards are satisfied.