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EE Loan Program

Comfortable homes and lower energy costs should go hand-in-hand.:

Piggy bank

WFEC offers members an easy and affordable way to finance home energy improvements. Residential members may qualify for low-interest loans to finance the purchase and installation of home efficiency upgrades such as:

• Heat pump purchase and installation 

• HVAC tune-up

• Duct repair or replacement

• Attic, floor, perimeter or exterior wall insulation (foam or cellulose only)

• Heat pump water heater purchase and installation

• Water heater blanket and pipe insulation

• Windows

• Insulated exterior doors

• Exterior wall, floor, perimeter or attic insulation

• Air sealing

• Attic ventilation

• Manufactured home skirting

The Energy Efficiency Loan Program offers low-interest financing to qualifying residential members for certain home energy efficiency improvements. 

Eligibility: This program is available to residential members who:

1. Have received electric service from WFEC for at least 1 year

2. Own the dwelling

3. Are in good standing with WFEC, meaning they are current on utility payments and have made timely payments for the previous 12 months

4. Meet income and credit score requirements

All installations and improvements must be performed by a licensed contractor.

Here's how to take advantage of this program:

Contact us at 800-342-7400 and ask about the Energy Efficiency Loan Program.

A WFEC energy advisor will visit your home to conduct an energy audit and help identify areas of improvement. Complete the simple loan application process with Regions Bank. If approved, you’ll hire a contractor to complete the improvements. Once the work is completed and the loan is closed, you’ll receive monthly loan billing statements from Regions Bank. Best of all, you’ll enjoy a home that’s comfortable and energy-efficient.

For more information or to start the process, contact WFEC at 800-342-7400.

EE Loan Program FAQ

What is the Energy Efficiency Loan Program?

In collaboration with Regions Bank, West Florida Electric Cooperative’s (WFEC) Energy Efficiency Loan Program offers low-interest loans to qualifying members to help cover the cost of certain home energy improvements.

What improvements DO NOT qualify for financing?

  • Water heaters
  • Clothes washers and dryers
  • Refrigerators, dishwashers, microwaves or other large appliances
  • Televisions, DVD players and other entertainment consoles
  • Room air conditioners
  • Insulated garage doors
  • Fiberglass insulation

What is the process?

1. Contact us at 800-342-7400 and ask about the Energy Efficiency Loan Program.
2. We’ll come to your home and conduct an energy audit to identify areas of improvement.
3. If approved, you’ll hire a contractor to make the improvements.
4. Once improvements are complete, contact us so we can conduct a final inspection to certify that work is completed.
5. Regions Bank will contact you to schedule the closing.
6. Regions Bank will issue the payment directly to the contractor.
7. You’ll receive monthly loan billing statements from Regions Bank.

How much can I borrow?

The minimum loan amount is $2,000. You can borrow up to $20,000 if including a heat pump; $10,000 without.

How long can I finance the loan?

If including a heat pump, you can finance for up to 10 years. Without a heat pump, the maximum term is 5 years.

What is the interest rate?

The annual percentage rate is 4.99% for 5-year loans and 6.99% for 10-year loans.

How will I be billed?

You will receive a monthly statement from Regions Bank for your loan.

What are the eligibility requirements?

To qualify for a loan, members must:

1. Own the dwelling which receives electric service from WFEC.
2. Have received electric service for at least 1 year from WFEC.
3. Be in good standing with WFEC.
4. Have an energy efficiency audit completed by a qualified WFEC employee or contractor.
5. Have either a social security number or a tax identification number.
6. Have a minimum FICO credit score of 625.
7. Have a monthly debt-to-income ratio of 45% or less.
8. Not currently be a debtor in a bankruptcy action and not have been a debtor in a bankruptcy action within 3 years of application for a loan.
9. Be approved for financing by Regions Bank.
10. Not have an outstanding loan under the program.

Can I install the improvements myself or do I have to hire a contractor?

To ensure the improvements are installed safely and properly, any financed improvements must be installed by a licensed contractor.

If I purchase a heat pump, could I also qualify for a heat pump rebate from WFEC?

Absolutely! If you purchase a qualifying heat pump, you may be eligible to receive a rebate. Contact us at 800-342-7400 for more information about our heat pump rebate program.

Air Source Heat Pumps*:
Minimum 14 SEER $400/ton
*Manufactured homes only. Only for replacement of electric furnace with heat pump.
Dual Fuel Heat Pumps:
15 SEER $300/ton
16+ SEER $350/ton
Mini-Split Heat Pumps:
15 SEER $300/ton
16 SEER $350/ton