New Green Loans For Anything: Solar, Geo, Biomass, Hybrid, Efficiency
VSECU (Vermont State Employees Credit Union) has listened and decided to act. They know Vermonters have been frustrated in their efforts to install energy projects, that funding and financing have been a huge hurdle. So they developed loan products to make RE and efficiency projects affordable. Some are brand new such as hassle-free off-grid mortgages. Some are innovations such as a home refinance with your energy project rolled in. Some are discounted to give you a better rate. Here’s their new portfolio:
• Energy Improvement Mortgages: Refinance your home to include your green project whatever it might be… a full energy retrofit or solar on your roof or a geothermal system or a wind turbine. With extended terms homeowners can complete their projects, refinance into this loan and keep monthly mortgage payments the same or close to the same.
• Off Grid Mortgages: VSECU will finance off grid mortgages removing the hassles commonly associated with this unique type of mortgage. Making homeowners jump through hoops, most banks drag their feet about financing off-grid properties Not VSECU which offers a maximum loan to value ratio of up to 70%.
• Energy Improvement Home Equity Loans: Vermonters can finance their projects with a discounted home equity loan or a longer term home equity loan (up to 30 years), whichever best fits their monthly budget. This financing option can be perfect to finance new heating systems, insulation improvements, solar panels, etc.
• Energy Improvement Loan: For those that don’t have equity in their homes, or don’t want to extend the term of their mortgage, a discounted unsecured loan, often referred to as a “personal” loan, is available with extended terms up to 10 years. This can help pay for updated Energy Star products. •
• Green Vehicle Loan: Discounted rate and terms up to 8 years on new cars and 6 years on used. Funds may be used to purchase hybrids, electric cars or other cars that meet high mile per gallon (MPG) ratings.
By making RE/efficiency projects affordable and a real a possibility, they reach not only Vermont homeowners but vendors and contractors who can point potential customers to these financing options to make the sale.
With so many choices, VSECU caters to all situations regardless of the size and type of projects. These options work for those that are payment sensitive, have or don’t have equity in their home, people that plan to stay in their homes for a long time and those that will sell quickly. Whether the project is an investment, a lifestyle choice or both VSECU can finance it and make it affordable. With this rollout, VSECU acts from its environmental mission to find “opportunities in both operations and products to promote environmentally sound choices for our employees and our member-owners.”
VSECU recently built its newest full size branch in Rutland as a green branch with a Leadership in Energy and Environmental Design (LEED) certification pending final approval at the Gold level.
VSECU’s Chief Executive Officer Steve Post underscores their commitment.
”VSECU recognized the need for energy saving financial solutions and we’re proud to be a leader in providing these options to Vermonters. We have a responsibility to our members and to the state of Vermont to offer the products and services that best align with our state’s need.” For more information, visit VSECU online at www. vsecu.com or call 802/800 371-5162.
From the June, 2012, Green Energy Times