Solar & Battery Regulation & Incentive Programs

Austin Energy - Residential Energy Efficiency Loan Program

Program Overview

Category:: Financial Incentive
Program Type:: Loan Program
Implementing Sector:: Utility
State:: Texas
Eligible Storage Technologies:: Heat pumps, Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Other EE
Website:: https://savings.austinenergy.com/rebates/residential/offerings/home-improvements/hpwes-rebate-loan
Maximum Loan:: Option One: $1,500 - $10,000
Option Two: $1,500 - $15,000
Loan Term:: Repayment: up to 10 years
Interest Rate:: Rate: 1.99% - 2.99%
For customers with a credit score of 600 or lower, 2% interest will be added to the interest rates above.
Administrator:: Austin Energy
Applicable Sectors:: Residential, Multifamily Residential, Low Income Residential
Utility:: Austin Energy
Last Updated:: 03/21/2019

Eligibility Criteria

Eligibility	Sectors	Technologies
min $1500.0000	Residential Multifamily Residential Low Income Residential	Heat pumps Air conditioners Caulking/Weather-stripping Duct/Air sealing Building Insulation Windows Other EE
max $15000.0000	Residential Multifamily Residential Low Income Residential	Heat pumps Air conditioners Caulking/Weather-stripping Duct/Air sealing Building Insulation Windows Other EE

Summary

Austin Energy offers three types of loans to residential customers to finance energy efficient improvements in eligible homes. Option One requires you to make all mandatory energy efficiency improvements to your home as your participating company recommends. You must also install a new central air conditioning or a heat pump system. The minimum loan is $1,500. Terms vary depending on the length of the loan. Option Two lets you select from the list of recommended improvements. You can replace up to two HVAC systems or convert two window units to central air conditioning. The minimum loan is $1,500. APR is higher in the second loan option. Loan forms can be found on the program web site listed or by following links provided here. The loan may be combined with the rebate program (Home Performance with ENERGY STAR® Rebate + Loan). When combined, the maximum loan offered is $15,000.

Possible Improvements (as recommended by the Registered Contractor):

    Install a new central air conditioning or heat pump system
    Convert window unit(s) to a central air conditioning or heat pump system
    Add attic insulation
    Repair and seal leaking ducts
    Caulk and add weather stripping
    Solar shading or film for windows
    Install attic radiant barrier reflective material (qualified products only)
    Install water heater pipe wrap insulation
    Install heat pump water heaters

All work must be done by a program-approved contractor. For loan pre-approval with Austin Energy's financing partner, Velocity Credit Union, customers can call (512) 469-7060, or toll free (800) 933-2029 (Option #3), or apply online at www.velocitycu.com.