Velocity Credit Union and Austin Energy have teamed up to bring you access to low-cost financing at favorable terms for a variety of energy-related home improvements. The improvements can include the installation of:
Energy-efficient air conditioning and heating
Duct system improvements
Solar shading for windows
Owners of residential properties that are at least 10 years old and serviced by Austin Energy are eligible to apply, subject to current Home Performance with ENERGY STAR® guidelines.
Borrowers must qualify for Austin Energy’s Home Energy Savings program.
Loan rates as low as 1.99% APR! (Rates subject to change)
For borrowers who qualify, we’re offering loans with a fixed interest rate as low as 1.99% APR and loan repayment terms of 5 or 10 years (with no prepayment penalty) depending upon the loan amount. 1st payment can be set up to 90 days out.
To qualify for the special 1.99% APR, the following conditions must be met, in addition to the general program requirements specified above:
The potential energy savings of the recommended upgrades must meet the minimum criteria.
Borrowers must have a credit score of at least 600*.
Curious about loan amounts, terms, and sample payment amounts? Take a look:
What happens if I don’t qualify for the special APR?
Velocity Credit Union offers home improvement loans for a variety of purposes, including energy efficiency improvements. Austin Energy residential customers who meet the eligibility requirements for the Home Energy Savings program, but don’t qualify for the special APR, may qualify for home improvement loans.
Can I apply for the loan at any time?
Yes. Velocity Credit Union can provide you with a pre-approval in the event you have not yet had an energy analysis conducted by a registered contractor. Once you’ve completed the necessary program requirements, the credit union can move quickly to close your loan.
Does the loan program include installation of solar heating systems?
No. The Home Energy Savings program with the special rate is not available to finance the installation of solar systems. However, Velocity Credit Union’s regular home improvement loan programs can provide financing for solar installations.**
*Credit score, credit report source and type determined by Velocity Credit Union’s standard lending practices. **Subject to Velocity Credit Union’s normal underwriting requirements and borrower qualifications. A red * indicates a required field