Loan Programs
Clean Energy For All Program
When we make clean energy more accessible to everyone, the future of our planet gets brighter.
Helping Members Afford Clean Energy
As part of our commitment to creating a world where everyone can participate in the clean energy movement, Clean Energy Credit Union has developed the Clean Energy for All Loan program which is focused on helping underserved populations afford clean energy by offering a 0.50%+ rate discount on all of our loan types. This initiative is comprised of two programs designed to increase access to affordable credit for minority borrowers and low-income borrowers and create a more even playing field for those who have faced credit challenges, systemic racism, economic injustice and/or other forms of injustice.
BIPOC Borrower Program
This program aims to increase access to affordable clean energy loans for Black, Indigenous, and other People of Color (BIPOC).
Low-Income Borrower Program
This program aims to increase access to affordable clean energy loans for low-income borrowers.
Eligible Loans
Loans with the following characteristics are eligible for these programs:
- Loan amount must be $50,000 or less
- Loan term must be 2+ years
- Currently, all of our clean energy loan types are eligible. Please see the eligible projects section below.
- Each loan can only qualify for one program at a time.
Discounted Loan Rates for Clean Energy
Special Purpose Credit Program for BIPOC Borrowers
BIPOC communities have disproportionately been subject to the harms of pollution and faced barriers to accessing the benefits of clean energy for too long. In light of the economic disadvantages faced by borrowers of color, Clean Energy Credit Union now offers a Special Purpose Credit Program to applicants who self-identify as BIPOC. This program offers the following discounts on our clean energy loan rates:
- a 0.50% rate discount on all Clean Energy CU loans for borrowers with a credit score 680+
- For borrowers whose credit score is below 680, a discounted interest rate not to exceed the designated rate for a 680-credit score. This translates to a rate discount of at least 0.50% and possibly more.
For a detailed explanation and additional background, please see this formal memo from our Board of Directors about the program.
Low Income Borrower Loans
More than 1 in 4 American households struggle with their energy bills, and with rising costs, many households may have to choose between essentials and heating their home. To help with this burden, our credit union is offering discounted loan terms to help low income individuals across the country gain access to clean, affordable energy. To qualify, a single applicant’s income level must be less than 50% of Area Median Income (“AMI”), or the combined income level of two co-applicants must be less than 80% of AMI. You can find the AMI levels for your location by entering your project installation address (or your residential address if it is an EV or e-bike loan) into the search field on this website. See this 1-minute video of how the tool works.
This program offers the following discounts on our clean energy loan rates:
- a 0.50% rate discount on all Clean Energy CU loans for borrowers with a credit score 680+
- For borrowers whose credit score is below 680, a discounted interest rate not to exceed the designated rate for a 680-credit score. This translates to a rate discount of at least 0.50% and possibly more.
Overcoming the Barriers Related to Credit Score
While the credit system was meant to be unbiased, data shows that people of many races and income levels are unfairly shut out of the system. While race and income may not be an explicit factor, the financial situations that are common for many low income or people of color may play into creditworthiness.
For those who have faced credit challenges, there are ways to overcome these barriers and get access to affordable financing. At Clean Energy Credit Union, we know there is more to you than just your credit score, which is why apply the three C’s of credit to our lending decisions, Character, Capacity, and Capital. Beyond credit score, we consider the following:
- Payment history
- Income verification
- Debt to income ratio
- Residual income
- Length of residence
- Length of employment
- Equity in home
While these factors may be slow to help your overall credit score, they can help you show lenders that your creditworthiness is higher than the number may show.
Our program has taken credit challenges into consideration, which is why we are giving individuals with lower scores a 680-credit score interest rate regardless of your score and the challenges you may have faced.
Eligible Projects
Clean Energy CU offers a variety of loans for clean energy and energy saving products and services. Here is an overview of the loan types that could qualify for the Clean Energy For All Loan Program.
Solar PV System Loans
Solar panels are a great investment that can help you save more on your energy bill over time. Live greener and reduce your carbon-footprint by financing a Solar PV System. Explore our loan options.
Geothermal Heat Pump System Loans
More than half of energy use in your home is for heating and cooling. Swap your fluctuating energy bills for a fixed loan payment on a Geothermal Heat Pump System. Explore our loan options.
Green Home Improvement Loans
Whether you’re looking to install weatherproofing or LED lighting to consume less energy, we provide financing of up to $50,000 for green home improvements. Explore our loan options.
Electric Vehicle Loans
With low rates and great terms, you can cut your fuel costs and make a positive impact on the planet. Explore our loan options.
Electric Bicycle Loans
Drastically reduce your carbon footprint when you need to get around town by financing an electric bicycle. . Explore our loan options.
Why is this program important?
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Over 50%
In 2020, more than half of Black and Hispanic borrowers were denied home improvement loans.
The Urban Institute
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3X
The national average energy burden for low-income households is three times higher than for non-low-income households.
U.S. Department of Energy
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Just 15%
Low-income households represented just 15% of solar PV adoption since 2010. Compared to 48% of moderate-income households.
Lawrence Berkeley National Laboratory (LBNL)
Questions & Answers
During the application process, you will be asked option if you’d like to be considered for these programs. If yes, you will go through a series of optional qualifying questions. If you qualify, your loan rate will reflect the discounted rate.
To qualify for the Special Purpose Credit Program for BIPOC borrowers you must self-identify as black, indigenous, or a person of color on the application.
To qualify for the low-income loan discount a single applicant’s income level must be less than 50% of Area Median Income (“AMI”) or the combined income level of two co-applicants must be less than 80% of AMI.
While applicants may meet the qualifications for multiple programs, in an effort to help as many individuals as possible, multiple discounts cannot be allied to a single loan.
Join Our Mission
Learn more about how you can join the credit union and apply for a loan.