HomePlus Loan Program
The HomePlus Energy Efficient Home Improvement Financing Program is designed to help encourage Members to purchase and install Energy Efficient Home Improvements.
The loan program enables Southern Rivers Energy members to finance Energy Efficient improvements at 7.9% APR*! The loans are made by Georgia Electric Membership Corporation Federal Credit Union which has been serving electric cooperative employees in Georgia for over 40 years.
Some of the eligible items consumers can finance:
• Energy Star rated heating and cooling systems
• Energy Star rated water heaters
• Energy Star rated windows and doors
• Insulation and ventilation for for home attics, walls, crawl spaces and basements
• Weatherization items - weatherstripping, caulking, duct sealing and insulation
• Energy Star rated major home appliances (refrigerators, freezers, stoves, dish washers, clothes washers, etc. excludes entertainment appliances)
• Energy Star rated roof systems
Energy Star requires that the complete heating/cooling system meet requirements. Not all replacement heat pump systems meet the Energy Star requirements. Please ask your contractor to adhere to the Energy Star requirements for HVAC systems.
The Energy Star Specifications for Air Conditioning/Heat Pumps are detailed here.
For a complete list of Energy Star rated systems go to EnergyStar.gov
What are the rates and available loan amounts?
Loan Amount Minimum Rate Term:
$500 - $3,000 7.9% APR1 Up to 24 months
$3,001 - $7,500 7.9% APR1 25 to 60 months
$7,501 - $25,000 6.50% APR1 61 to 84 months
1 APR: Annual Percentage Rate. The APR shown above has been discounted by 1.0% and applies to borrowers who elect HomePlus on-bill payments through their EMC or who elect to pay their HomePlus bill using automatic bank draft.
• Term 24 months; estimated monthly payment of $45.19 per $1,000 borrowed.
• Term 60 months; estimated monthly payment of $20.24 per $1,000 borrowed.
• Term 84 months; estimated monthly payment of $14.86 per $1,000 borrowed.
Loan closing cost is $65, payable at loan closing.
Loan qualification is subject to assessment of individual creditworthiness and our underwriting standards. All Credit Union loan programs, rates, forms, and conditions are subject to change at any time without notice. Subject to certain conditions, loan default rate may be 16.9% APR. Please speak to your GEMC FCU loan representative for available
2 Using collateral under Article 9, Uniform Commercial Code.
How do you get started?
Call Josh Hendricks, your energy services representative at 770-358-1383 ext. 349 or 877-358-1383 or email him at email@example.com to discuss your project or APPLY NOW! *Do not proceed with any work at your residence until you and your contractor have been approved.*
Who can borrow money?
Anyone who is a Member of, and receives their electricity service from, Southern Rivers Energy. The home must be in the state of Georgia. Members of other electric cooperatives may also borrow money if their co-op offers the program.
When and how can members apply?
First decide on the improvements and the total amount you need to borrow, then complete the online application. Loans are generally approved by the credit union within 24-48 hours upon receiving the completed application. You will be notified by phone by a representative of the credit union. When your loan is approved and closed, you will become a member of the Georgia EMC Federal Credit Union and will be able to take advantage of their full line of financial services.
How are loan funds disbursed?
After Southern Rivers Energy verifies the completion of the improvements, a closing is scheduled. The Credit Union issues checks made payable to you and your contractor at the time of closing. If multiple contractors are involved in the project, checks will be issued to each participating contractor.
How are loan payments made?
Your loan payment will appear on your monthly power bill.
How do I select a contractor?
You select your own contractors but they must meet certain business criteria, supply business information and ENERGY STAR certification on improvements made to your residence before beginning work. Southern Rivers Energy will supply program requirements to your contractor.
What if multiple contractors are involved in the project?
You will need to obtain all of their bids to determine the total funds you wish to borrow.
For example, you may determine you need $5,000 for a HVAC system, $4,000 for windows, and $1,000 for insulation. You should then apply for the total amount needed before moving forward with the project.