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The Loan Program
The purpose of the loan program is to loan money to AE customers at a reduced
rate for home energy related products and services. The program also seeks to
reduce overall electrical consumption through the use and application of the
city's guidelines on equipment and services. Interest rates vary from 3.99% to
6.99% and repayment schedules are flexible—payback schedules from three to ten
years are available. Loans may be pre-paid without penalty. The loan program is
restricted to owner-occupied dwellings—duplexes are eligible if the owner lives
on one side. The minimum loan is $2500. The loan amount is the exact "verified"
bid and the funds go directly to the contractor.
To apply for a loan through this program, the customer must call the lending
institution Velocity Credit Union at 512-469-7060. They will immediately ask
credit questions and issue their pre-approval. Then the customer calls an
approved contractor and requests a bid and a complete energy audit. At the bid
appointment, the company representative will supply a two-page written loan
application to the customer. This loan application is also available on the AE
website (downloadable) or directly from AE. The customer must fax the written
loan application to the lending authority, Velocity Credit Union (512-469-7080), before the
loan can be approved. A loan through the city will also require "weatherization"
services by the contractor. Remember that Strand Brothers performs these
weatherization services with it's own employees. If the customer wishes to
accept the contractor's bid, he must notify the contractor. Once selected by the
customer, the contractor will set a "verification" appointment with a city
inspector. The inspector "verifies" that the estimate is within the city's
guidelines. This means that the city inspector verifies that the equipment and
services proposed by the contractor and selected by the customer meet the city's
requirements for size and efficiency. Once the "verification inspection" is
complete the lending institution has all the information it requires for the
loan decision and it issues the approval notification directly to the
contractor. At this point the contractor sets an appointment with the customer
to perform the installation. After the installation the contractor sets the
"final inspection" with an AE inspector to be sure that the city guidelines were
followed. The customer must attend the final inspection and Strand Brothers will
have one of its quality control inspectors at the appointment. Please call AE
for details.
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