What is the Energy Efficiency Loan Program?
In collaboration with Regions Bank, West Florida Electric Cooperative’s (WFEC) Energy Efficiency Loan Program offers low-interest loans to qualifying members to help cover the cost of certain home energy improvements.
What improvements are eligible for financing?
The Energy Efficiency Loan Program helps members pay for home improvements including:
- Exterior Doors
- Heat pump purchase, installation and tune-up
- Exterior wall, floor, attic and perimeter insulation (foam and cellulose only)
- Duct repair or replacement
- Air sealing
- Attic ventilation
- Heat pump water heater purchase and installation
- Water heater blanket and pipe insulation
- Manufactured home skirting
What improvements do not qualify for financing?
- Water heaters
- Clothes washers and dryers
- Refrigerators, dishwashers, microwaves or other large appliances
- Televisions, DVD players and other entertainment consoles
- Room air conditioners
- Insulated garage doors
- Fiberglass insulation
What is the process?
- Contact us at 800-342-7400 and ask about the Energy Efficiency Loan Program.
- We’ll come to your home and conduct an energy audit to identify areas of improvement.
- You’ll complete the simple loan application by calling Regions Bank at 800-475-2908.
- If approved, you’ll hire a contractor to make the improvements.
- Once improvements are complete, contact us so we can conduct a final inspection to certify that work is completed.
- Regions Bank will contact you to schedule the closing.
- Regions Bank will issue the payment directly to the contractor.
- You’ll receive monthly loan billing statements from Regions Bank.
How much can I borrow?
The minimum loan amount is $2,000. You can borrow up to $20,000 if including a heat pump; $10,000 without.
How long can I finance the loan?
If including a heat pump, you can finance for up to 10 years. Without a heat pump, the maximum term is 5 years.
What is the interest rate?
The annual percentage rate is 4.99% for 5-year loans and 6.99% for 10-year loans.
How will I be billed?
You will receive a monthly statement from Regions Bank for your loan.
What are the eligibility requirements?
To qualify for a loan, members must:
- Own the dwelling which receives electric service from WFEC.
- Have received electric service for at least 1 year from WFEC.
- Be in good standing with WFEC.
- Have an energy efficiency audit completed by a qualified WFEC employee or contractor.
- Have either a social security number or a tax identification number.
- Have a minimum FICO credit score of 625.
- Have a monthly debt-to-income ratio of 45% or less.
- Not currently be a debtor in a bankruptcy action and not have been a debtor in a bankruptcy action within 3 years of application for a loan.
- Be approved for financing by Regions Bank.
- Not have an outstanding loan under the program.
Can I install the improvements myself or do I have to hire a contractor?
To ensure the improvements are installed safely and properly, any financed improvements must be installed by a licensed contractor.
If I purchase a heat pump, could I also qualify for a heat pump rebate from WFEC?
Absolutely! If you purchase a qualifying heat pump, you may be eligible to receive a rebate. Contact us at 800-342-7400 for more information about our heat pump rebate program.
|Air Source Heat Pumps*:|
|Minimum 14 SEER||$400/ton|
|*Manufactured homes only. Only for replacement of electric furnace with heat pump.|
|Dual Fuel Heat Pumps:|
|Mini-Split Heat Pumps:|