Four County offers the Comfort Loan program to qualifying members to aid in the purchase of a new heat pump. Comfort loans can also be used to make energy improvements in homes.
What items can be financed through the comfort loan program?
- Insulation
- Replacement of existing heating and/or cooling system(s) with all-electric high-efficiency heat pump or central air conditioning unit
- Storage water heaters, when included with other approved measures
How much money is available through the comfort loan?
- Maximum amount for an all-electric high-efficiency (13 SEER) heat pump or central air conditioning unit is $5,000
How do I qualify for a comfort loan?
- Property must be the member's primary residence
- Property on which the improvements are to be made must be titled in the member's name
- Residence must be on a solid foundation
- Good credit standing with credit bureau
What Requirements Must I Meet?
- All Four County EMC accounts must be current and have no actual disconnections of service
- Credit report shows (1) no unsatisfied judgments against the customer; (2) no bankruptcy filed in the past seven (7) years
- Debt ratio must be 40 percent or less. (Debt ratio is defined as the total monthly installment debt payments divided by the gross monthly income times 100.)
How Do I Get Started?
- Contact your local Four County Office and tell them you're interested in a Comfort Loan
- A Marketing Representative will give you details
- A Marketing Representative will visit your home to discuss information required and improvements that may be needed, as well as provide you with a Heat Pump Pro List
- Customer completes the credit information and returns it along with installation proposals to Four County EMC
- Loan will be processed and you will be notified of approval within 48 hours
- Energy improvements can be installed by the home owner
- Completed energy improvements will be inspected by the Energy Marketing Representative
- A 2-party check(s) is prepared and forwarded to the customer
Will My Loan Be Secured?
No. All Four County EMC loans are unsecured signature loans based upon your credit standing and have no fees associated with it.
How Long Will I Have to Repay the Loan?
- Up to 60 months to repay
- Minimum monthly payment - $25.00