What’s the process to apply for an energy loan?

by thebestworldevents.com 5 February 2024 · Wealth Management

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You may feel intimidated by the process of applying for an energy loan, but it’s surprisingly easy. And at Elevations, we’re here to support you every step of the way. Home energy loans can be used for projects big or small; the minimum amount Elevations will finance for a home energy loan is $500. These four steps will help you go green with solar panels or new energy-efficient windows and much more.

Define the project

To get started, you’ll want to identify your local energy loan program and seek project approval. Our participating energy loan partners are Boulder County’s Energy Smart Program, HELP Loans for City of Fort Collins Utilities Customers and Colorado Clean Energy Fund loans through the Colorado Clean Energy Fund. Your energy advisor will help you identify available rebates and financial incentives, plus connect you with a participating contractor. Learn more about which projects qualify for a home energy loan on our blog.

One thing to keep in mind is that all contractors must be on the authorized contractors list for the loan to be approved. This list updates often, socheck it before starting a project.

Submit your application

You can then complete our energy loan application. Once your application is submitted you should receive a confirmation email within a few business days. Once you’ve uploaded your income documents (see next section), it will typically take about 1-3 weeks for the Colorado Clean Energy Fund (CCEF) to review your contractor’s proposal and respond with an official approval or next steps. If CCEF approves your project, then we reach out to let you know your project can proceed. If you have any questions throughout the process, feel free to call us at 800.429.7626.

Gather your supporting information

Once your application is pending approval, we will reach out
for the following information:

Verification of Income
- W2 Employee –
  most recent paystub
- Self-Employed
  – most recent year’s tax return
- Retired/Other
  – most recent monthly income statement
Project approval through your participating energy loan program

We will send you an email with a link to securely upload these documents. The email will also include the preliminary terms of your energy loan, including rate, term, payment, and fees. Once the application is approved, it’s good for 180 days. After that time, applicants would need to re-submit income documents, have another credit check and would be subject to any rate changes.

Get started on your project

Once your loan is approved by Elevations and the participating energy loan program, we’ll contact you with the next steps.

Typically, you will schedule and complete the project with your authorized contractor and email the final invoice to Elevations when the project is completed. You will also need to review and sign loan closing documents; these documents will be emailed to you securely, and you may opt to schedule a closing at one of our branches.

Once your project has been approved, you will need to establish your membership account at Elevations before closing if you are not currently an Elevations member. After membership, approval, and loan closing, Elevations will use your loan proceeds to pay your contractor directly. Learn about becoming an Elevations member here.

Please note that your application is good for 180 days. To proceed with a project after that time, we would need to re-pull your credit and recollect income documents. At that time, you would then be subject to current rates, if they have changed.

If you have any questions, please give us a call at 800.429.7626. We look forward to helping you save money and care for this beautiful place we call home with an Elevations Energy Loan.