Tideland EMC has funds available for the purpose of making 5% interest weatherization loans to credit worthy members. Loans may for made for the cost of labor* and materials associated with the following energy improvements for existing homes:
*If the borrower installs the materials his/herself the loan will be limited to financing the cost of materials.
Members applying for a weatherization loan will be scheduled for a free Tideland EMC energy audit to assist the member in determining what energy conservation measures yield the greatest utility savings. Heating and cooling system quotes must be accompanied by a heat gain/heat loss calculation performed by the intended installer.
Loan terms shall be for a maximum of 5 years (60 months). Generally the repayment term is up to 24 months for loans less than or equal to $5,000; up to 36 months for loans greater than $5,000 but less than $10,000 and up to 60 months for loans greater than or equal to $10,000. Loan payments are added to the member's monthly electric bill. Loans will not be made to refinance existing debt or previous improvements.
The following eligibility requirements are established to ensure the credit worthiness of the borrower:
Upon loan approval the member has 90 days to complete the improvements. The loan proceeds check will be made payable to both the Tideland member and the contractor performing the work. It is the member's responsibility to deliver the check to the contractor. Loans are made subject to funding availability.
For more information contact Tideland EMC loan officer Karen Heffley.