Pedernales Electric Cooperative is working with Randolph-Brooks Federal Credit Union (RBFCU) to offer PEC members low-interest loans to finance energy-efficiency or renewable energy projects.
The arrangement allows PEC members to qualify for membership in RBFCU, which is offering special Energy Saver Loans to Co-op members with interest rates starting at 3.9 percent APR for 24 months. The loans are designed to promote energy-efficiency improvements in members’ residences or businesses and to help finance installation of renewable energy generation resources, such as solar and wind technology.
“By opening the door to credit union membership and a low-interest loan, Co-op members have another option to help finance the renewable energy and energy efficiency products that may help lower their day-to-day electric costs,” PEC Communications Vice President Michael Racis said. “PEC members have expressed interest in loan programs, and ultimately the program could also help the Cooperative meet renewable energy and energy efficiency goals.”
The Energy Saver Loans are subject to credit approval, and rates and terms will depend on the applicant’s credit rating and other factors. PEC members also may be asked to provide a copy of a PEC statement to confirm they are Cooperative members.
The agreement is a unique example of “Cooperation among Cooperatives,” one of seven Cooperative Principles that guide PEC and other independent, private and not-for-profit organizations owned by the members they serve. The member-owned RBFCU offers financial services and also has branch offices in areas served by PEC.
For additional details about the loan program, please visit www.pec.coop/loan or contact RBFCU by visiting www.rbfcu.org/PEC or calling 1-800-580-3300.