There are many ways to improve energy efficiency in your home…better insulation, a new water heater or even our innovative Earth Connect® Geothermal Heat Pump System. But sometimes you don’t have the financial resources readily available for these improvements.

However, through Berkeley Electric Cooperative’s business partnership with Farmers & Merchants Bank of SC you can now apply for an Energy Advance Loan. These loans can help finance energy improvements from storm doors to large appliances and feature competitive interest rates. A simple phone call to your local district office can start the process today or e-mail us for more information.

An online application can also be completed with Farmers & Merchants Bank of SC. Applications will be submitted to Farmers & Merchants Bank after completing the form. You can also download and submit an application.

If you have any questions regarding your application contact Farmers and Merchants Bank at (843) 761-8888.

Farmers and Merchants Bank of South Carolina is an Equal Housing Lender / Member FDIC

Member FDIC logo

The Energy Advance program will finance materials and labor for energy improvements to your home or your business. Some of the projects eligible for financing include:

Insulation for the attic, ducts, floors, walls, water heater and water piping
Storm windows and storm doors
Replacement thermal windows and insulated doors
Attic ventilation systems
Heating and air thermostats
High-efficiency electric heat pumps
Caulking and weather-stripping
Air duct system repair and replacement

Continuous electric service with Berkeley Electric Cooperative for at least 12 months
Applicant must be the homeowner or business owner
Joint ownership requires that all parties complete an application
If living in a mobile home, applicant must own the home and the land it sits on
Heirs and ET AL properties do not qualify
Credit check & project approval
Must use approved contractor
List of pre-approved contractors may be obtained from any Berkeley Electric or Farmers & Merchants office location

APPLICATION PROCESS

Contact your local Berkeley Electric Cooperative district office and ask to speak to a Marketing & Energy Specialist, or apply online. You can also contact Farmers & Merchants Bank to set up an appointment.
Complete the Energy Advance loan application fully and return it to one of our district offices or to F&M Bank. If you apply on-line the application is automatically submitted for review.
Consult with The Energy Experts^TM at Berkeley Electric Cooperative about recommended energy upgrades to improve your home’s energy efficiency and comfort.
Upon loan approval from F&M Bank, the member must request bids from companies on the Berkeley Electric Approved Contractor list. All work must be completed and the loan closed within thirty (30) days of approval.
After you have chosen a contractor, the loan will be closed by a F&M Bank loan officer.
Upon completion of the job, Berkeley Electric Cooperative will inspect the contractor’s work to verify projection completion per the Cooperative’s standards and the contractor’s bid form.
The check for improvements will be issued once the standards have been satisfied.
Sit back in comfort and enjoy your newly improved and energy-efficient home!

ENERGY ADVANCE LOAN TERMS

Energy Advance Loan Terms:

$1,000 minimum loan amount
$50,000 maximum loan amount
Loan terms are a minimum of 12 months (1 year) and a maximum of 120 months (ten years)
Loan interest rates are based on loan term and range from 9.00% to 10.50%
Loans are calculated on simple interest and there are no prepayment penalties
A $50 final inspection fee is required and will be included in the loan amount
The current UCC filing and release fees for the county records office are included in the loan amount

What about repayment:

The contractor will be paid once the work is complete to the satisfaction of both the member and Berkeley Electric Cooperative.

The loan payments will be due directly to F&M Bank. If the home is sold or the title is transferred, the loan must be paid in full prior to or in the transaction.

(Download a PDF list)

ACTION HEATING & AIR CONDITIONING

DANNY TUTEN

Energy Advance Loans

ENERGY ADVANCE LOAN TERMS

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