HomeAdvantage Program Summary
- The interest rate will be a low rate of 5%.
- This is BEC’s incentive to customers to make additional long term energy
improvements to their homes.
- Typically the payback on the improvements needs to be within 6 years.
- Measures with high return would be prioritized for customers. These include
such items as infiltration improvement, duct work leakage, air flow improvement,
insulation upgrades and HVAC unit upgrades.
- Building Performance Institute auditors will review the home, develop a recommended
weatherization summary for the customer and the contractor to bid on the work
and close on the loan.
- Customers only wanting to implement some of the measures, like heating & cooling unit
change outs or low energy saving measures like windows, can take advantage of the existing
Energy Advance Loan Program with Farmers & Merchant Bank.
The general loan process is as follows:
- Customer is interested in making the home more energy efficient or replacing
an HVAC unit that has failed.
- Customer applies for loan. Loan applications are available from BEC’s website (link to application) or at district offices.
- After loan approval, a certified auditor will be assigned and will provide recommendations
to customer, as well as a list of approved contractors (link to approved contractor PDF) to bid on the work.
- After the loan is closed, the contractor will complete the work. BEC will conduct a
post-inspection and gets customer to sign-off, if all work is completed properly.
BEC will cut check and pay contractor. A lien is recorded on property as
security for the loan.
- Customers will have payments on their electric bill monthly and have a home
that is more comfortable and has lower energy bills.