Federal US Clean Energy Credit Union - Inexpensive geothermal financing

A friend suggested we try Clean Energy Credit Union for financing our geothermal system. Rates look pretty good: 5.25% for a 12 year or 5.79% for a 15 year loan. By comparison, my mortgage provider offered a home equity line for 7% for 10 years.

Does anyone have experience with this company? It's a not-for-profit that uses its profits to reinvest in green energy loans - cars, geothermal, solar, wind, even e-bikes. Looks pretty cool.

 

strongbad03, did you end up using the clean energy credit union? Feedback on the experience?

 

Thanks for your question - we did end up using them. Overall, our experience was very positive. We secured a loan for >$20k at 5.25%. No fee surprises: loan processing fee was $25 and state-required UCC1 filing fee was ~$140. A cool additional "fee" is the credit union's requirement to become a member of the American Solar Energy Society, https://www.ases.org/. This costs $35 or $45, depending on if you use auto-debit.

Loan officers were courteous, prompt, and responsive to email and phone questions. Docs were securely transmitted and signed using DocuSign. From start to finish the process took less than a month and might have been faster if the contractor had provided a solid start date sooner. Clean Energy Credit Union requires a free signup for their online banking, but they can EFT the monthly payment from any bank with the appropriate account and routing info.

Good company to work with. Good luck!

 

Thanks for the response!