Energy efficiency loan
Borrow for heat pumps, insulation and other energy-saving improvements to an existing home receiving CAEC electricity service.
Diese Finanzierungsmöglichkeit ist derzeit auf Englisch beschrieben.
MAX Credit Union lends the money through this programme for Central Alabama Electric Cooperative (CAEC) members. Eligible work includes heat pump installation or tune-ups, duct repairs, air sealing, attic ventilation, heat pump water heaters, water heater blankets and pipe insulation, insulated doors, energy-efficient windows, window tinting, programmable thermostats and mobile home skirting. Attic, floor, perimeter and exterior wall insulation must use foam or cellulose.
Weatherization-only loans range from $2,000 to $10,000, with terms up to five years; the FAQ lists a 4.75% annual percentage rate (APR) for a five-year term. If the project includes a heat pump, you can borrow from $2,000 to $20,000 for up to ten years; the listed APR for a ten-year term is 6.75%.
You can finance up to 100% of installation costs within the relevant loan maximum. MAX pays contractors directly after work completion and loan closing, and issues monthly statements for your repayments. You repay the loan with interest under the agreed loan term. There are no loan processing or origination fees, recording costs or prepayment penalties, so repaying early does not incur a penalty. MAX pays the costs of credit union membership.
Eligibility
- You must own an existing home, including a manufactured home, that receives electricity from CAEC. The cooperative serves parts of ten counties in central Alabama.
- You must be a CAEC member in good standing, complete an energy audit and obtain approval from MAX Credit Union. The FAQ requires a FICO credit score of 625, the score used for its credit assessment.
- All qualifying work must be performed by a licensed contractor and completed within 90 days of loan approval.
How to apply
- Status
- Laufende Antragstellung
- Beschränkungen dieser Antragsrunde
- Begin with the named CAEC contact; loan approval by MAX Credit Union is required.
Start by contacting Cindy Browder at CAEC on (800) 545-5735, extension 2118, or cbrowder@coop.caec.com. For a phone application, contact MAX’s Loan Processing Department on (334) 215-4919, Monday to Friday, 8:30 am to 5:00 pm.
MAX reviews your application and emails the decision to you and CAEC. After the work is finished, CAEC sends MAX the Work Completion Form. MAX arranges payment with the contractor and contacts you to finalize closing and funding.