Austin Energy

Residential Loan Options

(Effective October 1, 2010 – September 30, 2011)

Need a loan? We have multiple options to fit your individual needs.

Loan Option 1:

HOME PERFORMANCE WITH ENERGY STAR® Package

All Recommended Energy Improvements, which includes:

  • HVAC System Replacement (Duct System Performance Testing required)
  • Duct System Performance Improvements (Duct System Performance Testing required)
  • Attic Insulation R-38 (duct sealing & testing required)
  • Solar Shading (ENERGY STAR® labeled Low-E Windows with .27 SHGC or lower and U Factor .60 or lower, qualified solar screens or window film)
    Optional:
  • Radiant Barrier (qualified products only)

Up to $11,000 - Single Family Homes or Duplexes, 2 HVAC System Replacement, or Window Unit to Central HVAC System Conversion

 

Term 3, 5, 7 or 10 years

Type of Loan Minimum Loan 3 Year
 5 Year
 7 Year
10 Year
Home Improvement* $1500 0% APR 3.5% APR 4.5% APR 6.0% APR
Personal Loan* $500 2.0% APR 4.5% APR N/A N/A

Loan Option 2:

RESIDENTIAL OPTIONAL MEASURES:

  1. HVAC System Replacement (Duct System Performance Testing required)
  2. Duct System Performance Improvements (Duct System Performance Testing required)
  3. Attic Insulation R-38 (duct sealing & testing required)
  4. Solar Shading (qualified solar screens or window film only)
  5. Radiant Barrier (qualified products only)

Up to $8,500, Single Family Home; or up to $11,000-Duplexes, 2 HVAC System Replacement or Window Unit to Central HVAC System Conversion


Term 3, 5, 7 or 10 years

Type of Loan Minimum Loan 3 Year 5 Year 7 Year 10 Year
Home Improvement* $1500 1.9% APR 3.5% APR 5.0% APR 6.0% APR
Personal Loan* $500 4.5% APR 6.5% APR N/A N/A

* Note: Customers with credit score of 639 or below, 2% interest will be added to the interest rate above


Credit Union Membership

All Austin Energy customers are eligible at no cost. Membership form is completed at the loan closing.


Credit Union Information Operating Hours

Velocity Credit Union 9:00 a.m. to 4 p.m., M-F PO Box 1089 Lending Services Available:
Austin, Texas 78767-1089 24 hours a day/7 days a week
Phone: 512-469-7060
Fax:512-225-9205


FOR CUSTOMERS:

Consumer Credit Application – How to Apply

  1. Apply Online: www.velocitycu.com
  2. By Fax: 225-9205 Credit applications are available for download online at www.austinenergy.com and can be faxed for processing.
  3. By Telephone: Consumers can call 469-7060 or 1-800-933-2029

Austin Energy Power Saver Program Steps

  1. All Austin Energy residential customers can become a member of Velocity Credit Union.
  2. Call an Austin Energy participating company of your choice (Participating Companies on www.austinenergy.com) to schedule an energy analysis and bid proposal.
  3. The company representative can help you complete the loan credit application.
  4. Austin Energy will fax the “Loan Bid Summary” which has been signed by the customer & approved by Austin Energy.
  5. The company performing the work will deliver loan closing documents or homeowner can request Velocity Credit Union to deliver them.

FOR CONTRACTORS:

Loan Closing Options

  1. Loan documents delivered to participating contractor by courier.
  2. Loan Documents emailed to Contractor Representative – Must fill out “Online Loan Document Form.”

Payment Options

  1. Check Mailed to Contractor
  2. Automated Clearing House (ACH) to Contractor’s Bank Account. Only contractors with signed authorizations on file with Velocity will receive their funds. Funds available 2nd Banking Day from date of funding.