The Home Energy Loan by VEIC is made possible by the Vermont Department of Public Service and Efficiency Vermont’s Efficiency Excellence Network
What is the Home Energy Loan by VEIC?
The Home Energy Loan by VEIC offers three key features of an effective financing program:
- Great interest rates and terms
- Flexible terms
- Fast and easy
With no minimum loan amount, up to $35,000 financing, and rates as low as 0.00%* APR, you’ve got nothing to lose!
Not sure how to make your home more efficient? Questions about which systems qualify? Contact Efficiency Vermont at 888-921-5990.
What are the eligible projects for the Heat Saver Loan?
The Home Energy Loan by VEIC helps you pay for improvements on your home related to both heating and home efficiency upgrades such as:
- High efficiency oil or propane furnaces and boilers (and in certain cases, natural gas furnaces/boilers)
- Cold-climate heat pumps
- Central wood pellet systems
- Solar domestic hot water systems
- Weatherization improvements
- Health and safety measures and repairs needed for the specific type of approved thermal system and energy efficiency measures (up to 50% of the total project cost for these measures and repairs is eligible for financing)
Is my property eligible?
Eligible properties include the following:
- 1-4 family owner occupied housing units including residential structures, condominiums and cooperatives
- Mobile homes on owned land
- If the building is 50 years or older or in a historic district and exterior equipment is visible from a public right-of-way or causes a ground disturbance, State Historic Preservation requirements must be complied with.
Please note that property cannot be an asset in any pending bankruptcy, legal, or divorce proceeding.
If you have additional questions regarding eligibility, please contact Efficiency Vermont at 888-921-5990.
What is the process?
- Work with a qualified contractor from one of the following lists to choose the right products and services for your home and obtain a quote:
- Then you will complete the Home Energy Loan by VEIC project verification form with the contractor
- Next, you will fill out a loan application through Opportunities Credit Union online loan application.
- Opportunities Credit Union will review the loan request and contact you with a decision. This process will typically take just one business day.
After your loan has been approved
- Opportunities Credit Union will determine the amount of the loan and determine if you are eligible for any interest rate buy down.
- Opportunities Credit Union will schedule your loan closing.
- Funds will be disbursed on your project based on a schedule.
- You can then apply for any applicable rebates and incentives from Efficiency Vermont.
What are your rates?
Secured and unsecured loan options are available.
Interest rates are based on median family income for Vermont, Burlington / South Burlington MSA.
| Loan Term | |||
| Household Income Qualifications | Up to 5 years | >5 years, up to 10 years | >10 years, up to 15 years |
| Below $60,000 | 0% | 1.99% | 2.99% |
| Between $60,000 - $90,000 | 0% | 2.99% | 3.99% |
| Over $90,000 | 4.99% | 5.99% | 6.99% |
* Rates and terms are subject to change.
**Median Family Income for Vermont based on the Burlington-South Burlington MSA
How can I contact you?
If you have questions or would like to talk to us about the program, please call us at 800-865-8328 or email us at heat@oppsvt.org.
* APR stands for “Annual Percentage Rate” APR/Rates are subject to change without notice. Your rate may increase if you do not elect an automated payment and/or based on your credit. Other restrictions and fees may apply. Brought to you by the Vermont Department of Public Service and Efficiency Vermont’s Efficiency Excellence Network.
