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VSECU Financing for Catamount Solar Customers

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VSECU is committed to helping members make smart investments in their homes and communities. We’ve teamed up with Catamount Solar to offer special discounted rates to maximize your solar investment savings.

 

  • House

    Home Equity

    If you have equity in your home and your home is located in Vermont, our Energy Equity Loan may be a great option for you. By using the equity in your home, you can finance your upgrades at a discounted loan rate and possibly save money on utilities in the process.

    Jump to our Home Equity loan option

  • Hand With Plant

    Personal Loans

    For those who don’t have equity in their home or don’t want to use it, we have two additional options that can help reduce your overall project costs with discounted loan rates. Our 20-year option can open up cash flow by allowing you to stretch out your payments over an extended period of time.

    Jump to Personal Loan options

Home Equity Loan Option

Do you have equity in your home? You can use your home’s equity to get a discounted loan rate on energy upgrades that can offset your monthly utility bills. Speak with your tax advisor to determine if the interest on this loan is tax-deductible.

TYPE: Less than or equal to 90% combined loan to value
TERM: 180 months (15 years)
APR AS LOW AS*: 6.25%

INSTRUCTIONS: During the application process, the 6.25% option will not appear.

  • Select the 15-year Energy Equity Loan at the standard VSECU rate.
  • Answer yes to “Are you applying for an Energy Equity vendor loan program option?”
  • Complete three additional questions regarding your project.

Your credit score will be pulled automatically during the application process. If your score is 680 or higher, you will receive the 6.25% interest rate offered by the vendor participation loan program.

APR = annual percentage rate. APR is effective as of 3/1/2024. Rates and APRs listed are only available to qualified customers with a minimum credit score of 680. Other rates and terms available based on individual credit standing and term. Payment information does not include amounts for taxes and insurance premiums – if applicable, actual payment obligation will be greater. As an example, a $20,000 loan at 6.25% APR would result in 180 monthly payments of $171.52. Example payments are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.

To determine how much you can borrow, you first need to know the total equity in your Vermont or New Hampshire home (only Vermont properties are eligible for certain partnership programs). The equity in your home is the difference between the value of your home minus all other outstanding balances on your existing mortgage. VSECU will determine the amount of equity you can borrow using one of the following options:

1. Your current tax assessment (published property tax bill) plus a current photo of the home. This option is used when the loan amount is $200,000 or less and the combined loan to value is less than or equal to 90% (in other words, the loan is 90% of the home’s value).

2. A certified professional residential real estate appraisal report, which VSECU will order for you (appraisal fee applies). This option will be used if the loan amount is greater than $200,000 and/or the combined loan to value exceeds 90%. When using the appraisal value, you can borrow a maximum of $250,000.

The minimum amount for this loan is $5,000.

How to apply

If you need additional assistance, you can contact a VSECU lending consultant at lendinghomeequity@vsecu.com or 1-802-371-5146 for more information.

Please consult with your tax advisor to determine your tax credit eligibility. The Federal Investment Tax Credit is not a guaranteed refund. You must qualify for this credit based on your annual tax liability. VSECU does not provide tax advice.

Business options: Solar financing options are available for businesses. Please contact VBiz and mention that you are working with Catamount Solar for more information.

Personal Loan Options

This loan is for purchases eligible for the 30% Federal Investment Tax Credit. Within the first 24 months, you may apply your tax credit to the principal of your VGreen ITC Loan, or you may use the credit to pay down higher-interest debt and let your ITC Loan payments re-amortize to a higher monthly payment at the same fixed rate.

TERM: 180 months (15 years)
APR AS LOW AS: 8.25%
MAXIMUM LOAN AMOUNT: $60,000

You can apply your tax credits and other incentives to the loan to reduce your loan principal. This special feature further reduces your costs and maximizes your energy savings.

APR = annual percentage rate. APR is effective as of 1/2/2024 and reflects the current minimum APR offered. Payment amount subject to change after the initial 24 months based on tax credits or other credits applied to principal or re-amortization of the outstanding balance. As an example, a $20,000 loan at 8.25% APR would result in 24 initial monthly payments of $145.70. If 30% of the loan amount is applied to the principal during the first 24 months, the monthly payment would remain approximately the same for the remaining term of the loan. If the principal is not paid down with a tax credit or other payment, the outstanding loan balance at the end of the 24-month period will re-amortize to $208.03 per month for the remaining 156 months. Minimum loan amount is $5,000. Example payments are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.

How to apply

If you need additional assistance, you can contact a VSECU lending consultant at lendingconsumer@vsecu.com or 1-802-371-5146 for more information.

Please consult with your tax advisor to determine your tax credit eligibility. The Federal Investment Tax Credit is not a guaranteed refund. You must qualify for this credit based on your annual tax liability. VSECU does not provide tax advice.

Business options: Solar financing options are available for businesses. Please contact VBiz and mention that you are working with Catamount Solar for more information.

NESEA—our partner in sustainability

Become eligible for the program by taking advantage of a complimentary Northeast Sustainable Energy Association (NESEA) membership.

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Get Started

Applying is easy with our two-step process. Simply contact your Catamount Solar advisor and submit your loan application. Click on the appropriate button to begin.

Energy Equity Loan
Apply for Home Equity
ITC or 20-Year Energy Improvement Loan
Apply for Personal Loan