Installer Resources
Geothermal Loan Financing
Applicant Resources
These are great documents to share with your customers to help them understand our financing process.
Current Geothermal Rates
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Loan Type |
Min/Max Loan Amount |
Term |
APR9 as low as |
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1 The combined amounts of a short-term and long-term loan cannot exceed 100% of the project cost. The short-term loan amount is typically 30% of the project cost, and the long-term loan amount is typically for the remaining balance (70% ). In certain instances, the member may choose to go above 30% for the short-term loan or 70% for long-term loans. See “loan fees” tab for associated fees. |
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Loan Type Short-Term Geothermal System Loan (i.e. Geothermal Tax Credit Loan) |
Min/Max Loan Amount $3,000 to $150,000 Typically 30% Loan-to-Value1 |
Term 12 or 18 months |
APR9 as low as 7.50% 2 3 4 5 6 7 8 |
|
Loan Type Long-Term or Everyday Geothermal System Loan |
Min/Max Loan Amount $3,000 to $150,000 Typically 70% Loan-to-Value1 |
Term 12 years |
APR9 as low as 7.50%3 4 5 6 7 8 |
|
Loan Type Long-Term or Everyday Geothermal System Loan |
Min/Max Loan Amount $3,000 to $150,000 Typically 70% Loan-to-Value1 |
Term 15 years |
APR9 as low as 8.00%3 4 5 6 7 8 |
|
Loan Type Long-Term or Everyday Geothermal System Loan |
Min/Max Loan Amount $3,000 to $150,000 Typically 70% Loan-to-Value1 |
Term 20 years |
APR9 as low as 8.25%3 4 5 6 7 8 |
Downloadable Forms
FAQs
Most of the loan applications we receive are instantly pre-approved via the online portal’s underwriting algorithms. For any loans that aren’t instantly pre-approved, it is likely because the member included additional income on their loan application. The portal automatically flags applications with additional income for manual review by our underwriters. If the application needs to be manually reviewed, the time it takes for the loan to get to the pre-approval stage depends on how quickly our underwriters get the requested documents from the member. If your customer’s loan application is taking longer than expected to be pre-approved, please know that Clean Energy Credit Union is working diligently to find any way possible to pre-approve or even fully approve the loan. For any questions or concerns, you can reach our lending team via chat or phone: 720-479-7900.
The time it takes to go from pre-approval to full approval depends largely on how quickly the member uploads the required documents to the blueprint portal. It also depends on their attentiveness to our correspondence through email, blueprint portal messaging, and phone calls. Typically the loan can get held up during the verification of income or the membership/ID Pal identity verification process. If the member has any trouble, we are available via chat and phone at 720-479-7900 for any questions. You can also direct them to resources featured above in the applicant resources section of this page. This section features instruction documents and tutorial videos of our loan process and membership application.
We highly recommend waiting until the loan has been fully approved to ensure the project will be funded by Clean Energy Credit Union. After your customer has submitted the required documents and taken the necessary steps as shown in our loan instructions document, our underwriters will then be able to make a decision on the loan. The reason we recommend waiting is there is at least some risk that your customer may not provide the verification of income documents required, or sometimes they may choose to delay in establishing their membership with Clean Energy Credit Union, etc.
Yes, a Customer must pay a loan processing fee of $150 per loan that is closed. If you are using our combo loan, which consists of a short-term loan and a long-term loan, a $150 loan processing fee will be charged for each. Additionally, there is a UCC-1 lien filing fee. Currently, the UCC-1 filing fee is either $100 or $250 (or $350 in CA, FL, IL, MD, TN, and PA) – depending on the state and county where the installation is taking place. These fee amounts are subject to change. For a list of all of our rates and fees, please visit: https://www.cleanenergycu.org/rates-and-fees/
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.
No, the solar PV system loans are secured solely by the project equipment. However, Clean Energy Credit Union conducts a UCC-1 filing at both the State and County level.