With an Energy Advance loan, Coastal Electric members can finance their energy-saving home improvement projects with a low-interest and fixed-rate loan that gets applied to their electric bill.
Th Energy Advance program may be used in an existing home for:
The maximum amount that can be borrowed for a conservation project is $10,000. The loan is financed for a maximum of 5 years with a low but fixed interest rate and the payments are added to the member's power bill.
A credit report will be required and a credit score of 600 or greater is needed to be qualified for a loan. In addition, a down payment may be required, along with filing and recording fees and other administration costs. All approved loans will have a lein filed on their property and will be removed when the loan is payed off in full.
There are other program requirements and restrictions. Contact a member services rep at 843.538.5700 for the complete details if you are ready to finance your energy conservation project