James P. “Pat” Howle, executive vice president and CEO of Horry Electric Cooperative, announced a new financing option available to members in the October 2012 edition of South Carolina Living Magazine.
We have been down a lot of roads in our search for a financing option for members. Our goal was to find something or put something together that would not involve a long, drawn-out process for members or contractors; would not be a financial risk to the membership and would not add to administrative costs. We wanted something that would be affordable, simple and quick.
Thanks to a partnership with Conway National Bank (CNB), an equal housing lender, an affordable financing option for eligible energy efficient home improvements is now available. Eligible products include high-efficiency electric heat pumps, air-duct systems and insulation.
Homeowners must have a minimum of 18 months of service with a good payment history in order to apply. In the case of mobile homes, the mobile home must be permanently attached to the land of the homeowner.
To get the loan process started to see if you qualify, simply call Horry Electric Cooperative at (843) 369-2211 and speak to one of our service or our energy management representatives. If the requirements are met, you’ll be provided a loan application to complete and send to CNB for pre-approval.
The process is easy
Once we get the signal from CNB that the loan application has been preapproved, we’ll perform a quick home evaluation and supply you with an Approved Contractor list * from which to choose for your recommended energy-efficiency home improvement.
The next steps include getting the contractor to run a Manual J calculation and work up a bid on the project. All bids must be submitted along with the Manual J calculation to Horry Electric for review and approval. It will then go to CNB for final approval so the contractor can get started on the job.
Once the job is completed, we’ll do a final inspection. If it passes the test, we’ll notify CNB to issue the check to the contractor.
Here’s the deal
The maximum loan amount is $7,500.
Rates and terms based on the maximum are:
48 mth 185.73/month APR 8.745%
72 mth 137.99/month APR 9.747%
Offer is subject to credit approval. Rates, current as of this day, are subject to change.
All loans are secured with a UCC-1 and payment in full is required if the property is transferred. The loan principal can be paid at any time without penalty. CNB will keep a copy of the contractor’s bid on file and will also need a copy of the homeowner’s insurance policy.
* All contractors on this list have a SC Mechanical License, as well as NATE Certification in HVAC Installations and NATE Certification in HVAC Service. Copies of all certificates, as well as proof of Worker’s Compensation Insurance and Certificate of Insurance, are on file with each individual Approved Contractor Agreement at Horry Electric Cooperative.