HomeAdvantage Loan Program The program will feature a low (5%) interest rate on improvements up to $15,000 and will focus on making energy improvements to existing homes that have a reasonable return on the financial investment – typically less than 6 years – or they will not be recommended. The program is designed with the member’s needs in mind. Not only does it feature a low interest rate, the loan payment will be added to the electric bill for easy payment.  Ideally, the program is designed so that energy savings should cover the cost of the loan. Berkeley Electric will provide Building Performance Institute-certified energy experts to create a prioritized list of energy improvements that will provide the largest energy savings and improved comfort. Once a member is approved for the loan, the Co-op will provide a list of approved contractors to choose from.  When the work is completed, an energy expert from BEC will conduct a final inspection of the contractor’s work to make sure it is completed to the required standards. Click for HomeAdvantage Loan Application Click for approved HomeAdvantage Approved Contractors Survey results - read what members have to say about the program 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: 1. Customer is interested in making the home more energy efficient or replacing an HVAC unit that has failed. 2. Customer applies for loan. Loan applications are available from from BEC’s website (becsc.com) or at district offices. 3. After loan approval, a certified auditor will be assigned and will provide recommendations to customer, as well as a list of approved contractors to bid on the work. 4. 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. 5. BEC will cut check and pay contractor.  A lien is recorded on property as security for the loan. 6. Customers will have payments on their electric bill monthly and have a home that is more comfortable and has lower energy bills.