Energy Efficiency Loans

The Energy Efficiency Loan Program is offered by Valley Oak Credit Union a Participating Lender in the REEL Assistance Program.

(REEL - Residential Energy Efficiency Loan)

PROGRAM DESCRIPTION

The Energy Loan Program is offered through Valley Oak Credit Union, a REEL Participating Lender. The Energy Loan Program offers an unsecured no-fee loan to pay for eligible energy efficiency and demand response projects for qualified single-family residential customers in Tulare and Madera Counties. Up to 30% of the loan can be used to pay for other, non-energy efficiency home improvements, such as water-saving projects and remodeling! For more information about the REEL program, visit GoGreen Financing.

AVAILABILITY

Madera and Tulare Counties

MISCELLANEOUS INFORMATION

The property must receive gas and/or electric service from either Pacific Gas &Electric, SoCal Gas and/or Southern California Edison. Solar and other renewable energy projects can not be financed. 

Rates Effective January 1, 2018

RATE* (APR)
FICO 10 year Treasury Basis Points Rate
730 + 2.31% 5.00% 7.31%
680-729 2.31% 5.50% 7.81%
640-679 2.31% 6.00% 8.31%
600-639 2.31% 6.50% 8.81%
580-599 2.31% 7.50% 9.81%
TERM & AMOUNT
Term (years) Min $ Max $
1 - 5 $1,500 $50,000
6 - 10 $10,000 $50,000
11 - 15 $25,000 $50,000
FEES
Fee Type Amount
Membership Fee (one time) $5

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*The maximum interest rate is capped at the 10-year treasury rate, which varies, plus 7.5%. As of October, 2017, the 10-year treasury rate 2.31% making the maximum interest rate 9.81%. Rates and terms are subject to change.

Borrower Requirements

  • Must live, work, worship or attend school in Tulare or Madera County
  • Must join credit union prior to funding
  • Minimum 580 credit score
  • No foreclosures or bankruptcies within the past year
  • Income verification required
  • Equity in property is not required

Property Requirements

  • Single family residential properties
  • Must receive gas and/or electric service from either Pacific Gas & Electric, SoCal Gas and/or Southern California Edison

Project Requirements

  • 70% of the loan must be for Eligible Energy Efficiency Measures (EEEMs). Click here for a list of eligible measures. Other alterations necessary to complete the project may be included in the 70%.
  • The remaining 30% of the loan may finance other home improvements including general remodeling, water efficiency and demand response projects.

Documents Needed For Lender

  • Certificate of Completion
  • Final Itemized Invoice
  • Current utility bill
     

Apply Now

*The maximum interest rate is capped at the 10-year treasury rate, which varies, plus 7.5%. As of October 1, 2017, the 10-year treasury rate 2.31% making the maximum interest rate 9.81%. 60 monthly payments of $19.95 per $1,000 borrowed. Rates and terms are subject to change.