Arkansas HVACR NewsMagazine September 2023

5% Energy Resource Conservation Loans

A Touchstone Energy® Partner

• No down payment • Low 5% interest • Up to 84 months to pay • Write one check for your payment and electric bill

• No early payment penalty • Low hassle loan application Call Southwest Arkansas Electric Member Service Department 800-782-2743

SUMMARY OF ERC LOAN PROGRAM Southwest Arkansas Electric Cooperative Energy Resource Conservation (ERC) Loan Program provides low cost financing for high efficiency heat pumps and other energy conservation improvements needed to make your home energy efficient. With approved credit and completion of the home survey, SWAECC will loan up to $5,000 per member per residential structure at 5% interest for up to 84 months. These loans are to finance energy conservation measures including heat pumps (including water source), caulking, weather stripping, insulation, storm or thermal doors and windows, etc. Loans for more than $5,000 will need Board of Director approval. Loans which do not include a heat pump will be limited to $3,000. To qualify, all conservation measures must save enough energy within 10 years to pay for the improvements. Payback estimates are determined by the Cooperative's Home Survey. Because loan funds are limited, loans will be made on a first come, first served basis. QUALIFICATIONS To qualify for the loan the member must have a good credit history with Southwest Arkansas Electric Cooperative and a good national credit rating. A three-member loan committee will check the member's credit before approving the loan. Loans will only be made for existing homes or buildings. The program is not for homes under construction. Also, property must be owned by the member. The cooling capacity of the heat pump should not exceed 125% of the calculated design load. The heat pump must also meet minimum efficiency ratings to qualify. The SEER rating must be 14.0 or above and the HSPF must be 8.0 or higher. All duct work, including all supply and return air duct work, must be installed with a minimum of 2" duct insulation or rigid fiberglass board and must be sized properly for noise reduction and air flow. HOME SURVEY Before a loan can be made, a home energy survey must be completed. This is a questionnaire concerning the existing and proposed energy efficiency of the property . CONTACT YOUR DEALER We advise but do not require you to contact more than one qualified dealer or contractor for cost estimates to install a heat pump and making other improvements such as storm windows or insulation if they are advised. To qualify for the ERC Loan, the unit must be installed by a member of the Arkansas HVACR Association. SUBMIT APPLICATION FOR ERC LOAN Complete and return the credit application, and the credit check authorization form in this brochure. Your application will be submitted to our loan committee for consideration, and we will notify you in writing of their decision. Once your credit is approved, we will need a copy of the deed to your property for proof of ownership and a legal description. The cooperative will file a lien on the proper-ty to secure the loan. A one-time fee of $30 will be charged to cover the cost of placing and releasing the property lien PROCESSING LOAN DOCUMENTS Upon completion of the work, a serviceman will inspect it. When the invoice is received and the inspection is complete, we will make an appointment for you to come to our Texarkana office to sign the loan papers and have them notarized. All checks will be two-party checks made out to both you and the contractor or contractors. NOTE : Cost of equipment and installation are to be negotiated between you and your contractor. You will be responsible for getting the invoices to us for processing and making payment to your contractor. A two-party check will be written to both you and the dealer . Sign the check only after work is completed.