Homeowners

Homeowners are currently eligible to apply.

The low interest rates and flexible approval terms now make it possible for many individuals to have access to energy efficient and renewable energy products.

Loan Guidelines

Who is Eligible for a SELF Loan and What are the Basic Requirements?

1.Must be owner of home.

2.Credit score of 500 or better.

3.Minimum loan allowed: $1,000.

Annual Percentage Rates (APR) :  

o   Renewable Energy Improvements (Solar Water Heaters, PV, etc…):  APR 7.0% - 9.5%  .

o   Energy Efficiency Improvements (A/C, Weatherization etc. ):  7.0% - 9.5%   

*No upfront closing costs aside from application fee of $25 dollars.

How do I apply for a Loan?

Solar Energy Loan

Step One: Fill out the Loan Application packet completely (the property owner must be the primary applicant), follow the checklist for required document submission, and a $25 loan application fee. Overall qualifications for being considered for approval for a low interest rate include: home ownership, creditworthiness, steady income, and proof of ability to repay the loan. Make sure to provide as much income information as possible with the application in order for the underwriter to make a sound decision (see checklist). If more information is needed, the property owner(s) will be contacted by the Loan Underwriting Department or the assigned Loan Program Manager/Loan Officer.

 

Step Two: If the application is approved, the property owner(s) may be required to receive an energy assessment on the home based on the type of installation, and will be notified by the Loan Program Manager/Loan Officer to discuss the next steps, project management, financing options, and best solutions to obtain energy savings.

 

Step Three:The property owner(s) will request and obtain quotes from SELF’s Approved Contractor List. It is recommended to obtain more than one quote from multiple contractors from this list. (SELF will only provide financing for improvements completed by SELF’s approved contractors.)

 

Step Four: Once the contractor(s) has/have been chosen, the property owner(s) will contact the Loan Program Manager/Loan Officer to schedule a final consultation and/or a loan closing appointment. The loan will be closed for the amount of the quote(s) less any utility cash rebates. SELF will issue a letter to the contractor(s) to proceed with the improvements.

 

Step Five: When the improvements are complete, SELF will obtain the final paperwork from the contractor(s). SELF will proceed with the disbursement of funds (payment(s) to the contractor(s)), if the improvements are satisfactory to SELF standards.

 

 

For more information please see SELF's rate sheet below.

Pre-finance Questionnaire https://www.surveymonkey.com/r/ZZSP6HN

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