0% Financing for Energy Efficiency Upgrades
Are you using too much engergy in your home? Would you like to replace that aging air conditioner or upgrade your insulation and reduce your utility bills?
If you've answered yes to these questions, then Canoochee EMC's HomePlus Loan Program is a clear choice for you.
The HomePlus Energy Efficient Home Improvement Financing Program is designed to help encourage members to pruchase and install energy efficient home improvements. The loan program enables Canoochee EMC members to finance up to $5,500 in energy efficient improvements at 0%. If needed, an additional $9,500 is available at 7.5% APR. The loans are made by Georgia Electric Membership Corporation Federal Credit Union which has been serving electric cooperative employees in Georgia for over 40 years.
Some of the eligible items consumers can finance:
• Energy Star rated heating and cooling systems
• Energy Star rated electric water heaters
• Energy Star rated windows and doors
• Insulation and ventilation for home attics,
walls, crawl spaces and basements
•Weatherization items – weather stripping,
caulking, duct sealing and insulation
• Energy Star rated roof systems
Energy Star requires that the complete heating/cooling system meet requirments. Not all replacement heat pump systems meet the Energy Star requirments. Please ask your contractor to adhere to the Energy Star requirements for HVAC systems.
What are the rates and available loan amounts?
The interest rate is fixed for the life of the loan. For loan amounts over $5,501, Members who choose to pay their electric bill via bank draft will receive a loan rate disount of 0.50%. Closing cost is a flat $65, payable by check at the loan closing. Members should speak to their GEMC FCU loan representative for available term options and refer to the loan disclosure for complete loan details and terms.
If you are interested in obtaining more information about the program, contact Joe Sikes at 1-800-342-0134 ext 2027 or Kyle Durrence at 1-800-342-1304 ext 2004.
Anyone who is a Member of, and receives their electricity service from, Canoochee EMC. The home must be in the state of Georgia. Members of other electric cooperatives may also borrow money if their co-op offers the program.
When and how can members apply?
First decide on the improvements and the total amount you need to borrow, then complete the online application.
How long does it takes to get loan approved?
Loans are generally approved by the credit union within 24-48 hours upon receiving the completed application. You will be notified by phone by a representative of the credit union. When your loan is approved and closed, you will become a member of the Georgia EMC Federal Credit Union and will be able to take advantage of their full line of financial services.
After Canoochee EMC verifies the completion of the improvements, a closing is scheduled. The Credit Union issues checks made payable to you and your contractor at the time of closing. If multiple contractors are involved in the project, checks will be issued to each participating contractor.
Your loan payment will appear on your monthly power bill.
How do I select a contractor?
Canoochee EMC maintains a list of approved contractors who meet our guidelines for participating in the program. Other contractors may be added if they meet the program guildlines.
What if multiple contractors are involved in the project?
You will need to obtain all of their bids to determine the total funds you wish to borrow. For example, you may determine you need $5,000 for a HVAC system, $4,000 for windows, and $1,000 for insulation. You should then apply for the total amount needed before moving forward with the project.
You can apply online right now by clicking the link below.