How and when are payments made to the Contractor?
Payment terms are net 15 starting from when Clean Energy Credit Union approves the required documents. For example, using our combo loan, once the loan as been fully approved and installation has commenced, please send us your invoice for the first 30%. Upon receiving the invoice, Clean Energy CU will disburse 30% of funds within 15 days. To receive the remaining 70% of funds, please send us an invoice and the final project documents. Upon approving the final project documents, we will disburse the remaining 70% of funds within 15 days as long as installation has been completed. If our single loan is being used, the payment timeline will remain the same as the combo loan, however, the amounts will be 50% at each disbursement. For any single disbursement loan products such as; our GHI, long-term only, or short-term only, 100% of the funds will be disbursed within 15 days of Clean Energy CU approving the final project documents as long as installation has been completed. When disbursing funds, ACH transfers or a check will be sent to the contractor within 24-48 hours of the customers signing their loan documents. Loan documents are sent to customers both by email and text every Monday, Wednesday, and Friday until they are signed.