Indirect Solar Loan Application Tutorial

Here is a step by step process on how to complete our loan process. This includes steps like how to use ID Pal, upload documents to our portal, and how to schedule a call with our team.

 

Here is a timeline of our video if you would like to skip to a specific section:

00:00 – 00:59 – Introduction

00:59 – 05:30 – Phase One of the loan application

05:30 – 06:29 – Signing up for a membership at Clean Energy CU

06:29 – 08:43 – ID Pal Verification Process

08:43 – 08:56 – Membership Documents to Sign

08:56 – 10:53 – Phase Two of the loan application

FAQs

Savings accounts require a $5 minimum balance to maintain the account (and to maintain your membership in the Credit Union). Checking accounts require a $25 minimum deposit to open the account, but no ongoing minimum monthly balance is required. Money market accounts require a $2,500 minimum balance to maintain the account.

Yes, in order to become a Registered Dealer for our solar loans, they must go through a formal application, evaluation, and selection process. Our intention with this vetting process is to help improve the quality, longevity, and customer experience for our Members’ solar projects. That being said, Registered Dealers are independent contractors and are not affiliated with Clean Energy Credit Union. Clean Energy Credit Union does not endorse or make any representations or warranties with respect to the quality of work provided by Registered Dealers, and it is the responsibility of our Members and prospective Members to interview and select a solar dealer that meets their needs.

Yes, you can “invest” in Clean Energy Credit Union by either making a checking, savings, or money market account deposit or by purchasing a “clean energy CD.” Any such deposits or CDs are insured by the federal government up to $250k per person or per organization. The Credit Union does not have “owners” or “investors” in the same way that a for-profit bank would. Instead, the Credit Union is democratically owned by all of its members. Members then elect the Credit Union’s volunteer Board of Directors on a one-vote-per-member basis and earn “dividends” or interest on their deposits.

In addition, the federal government requires that all banks and credit unions be capitalized with $1 in “net worth” or “net assets” for every $14 that they can accept in federally insured deposits. As 501(c)(1) not-for-profit organizations, federally chartered credit unions like ours can only build their net worth or net assets in two ways: (1) via retained earnings (i.e. profit); and (2) via donations from supporters. Making a donation to a credit union is very similar to making a donation to a 501(c)(3) non-profit organization. In the first few years, we intend to raise over $5M in donations and accept $50M in deposits. Click here if you’d like to make a donation.

Switching Banks?

Not sure how to sever your ties with fossil fuel funding? Look no further. Check out our page giving a step by step process on how to break up with your old fossil fuel funding bank.