Energy Efficiency Loans

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

(CHEEF - California Hub for Energy Efficiency Financing)
(REEL - Residential Energy Efficiency Loan)

PROGRAM DESCRIPTION

The Energy Loan Program is offered through Valley Oak Credit Union, a CHEEF 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 CHEEF, click here and for more information about REEL, click here.

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 June 30, 2017

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 April 1, 2017, the 10-year treasury rate 2.35% making the maximum interest rate 9.85%. 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). A list of eligible measures can be found at eeems.azurewebsites.net. 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 April 1, 2017, the 10-year treasury rate 2.35% making the maximum interest rate 9.85%. Rates and terms are subject to change.