Introducing new, even lower interest rates on all CEC loans

We are very happy to announce that all Banner Bank loans for Community Energy Challenge projects now have interest rates between 1.00%-3.00% for individuals¹ and 1.50%-3.00% for businesses².

As a key element of making energy efficiency accessible, affordable and easy, the Community Energy Challenge provides preferential term financing through the use of a loan loss reserve fund. Using a grant from the American Recovery and Reinvestment Act (ARRA), the CEC was able to buy down interest rates on loans for energy efficiency improvements through our partner Banner Bank. This provides participants with an exceptionally cost-effective way to finance their projects and extends financing to those who might not otherwise be eligible, reducing the interest paid by borrowers.

As the Community Energy Challenge heads into its second year, program managers decided that a further reduction in interest rates would help the CEC serve the goal of making energy efficiency easy and affordable for all Whatcom residents. We anticipate that this reduction in the interest rates will help motivate some big energy efficiency projects that are right on the fence. 

In order to qualify for these low interest loans, you must be a participant of the Community Energy Challenge and have the project that you wish to use the loan for recommended in your action plan. These extremely low interest rates will only be available until December 31, 2011, so sign up now to take advantage of these exclusive loans.

Homeowner? Fill out our online form to indicate your interest in the Community Energy Challenge and we'll follow up with you soon to schedule an assessment.

Business owner? Contact Emily at 360-647-7093 x113 or emily@sconnect.org to sign your business up for the Community Energy Challenge.

To read the full official term sheet for the loans, click here for homes or here for businesses.

1. Individual loan rates include a 0.25% discount for automatic payment from a Banner Bank checking account, a 4.75% rate buy-down on loan terms up to180 month loans, through Community Energy Challenge.

Borrowers will be required to pay a $100 loan fee and a 1% fee to Community Energy Challenge. Borrowers will also be required to pay recording costs. Payments do not include mortgage insurance, taxes and insurance. Financing is subject to meeting qualification standards of Banner Bank and the Community Energy Challenge loan program. Actual interest rates vary depending upon loan term, and borrower’s credit. Loan program rates are subject to change. Rates are current as of February 1, 2011.

2. Business loan rates include a 0.50% discount for automatic payment from a Banner Bank checking account, and a 5.0% rate buy-down through the Community Energy Challenge. Borrower will be required to pay a $150 loan fee and a 1% fee to Community Energy Challenge. Financing is subject to meeting qualification standards of Banner Bank and the Community Energy Challenge loan program. Actual interest rates vary depending upon loan size, and borrower’s credit. Loan program rates are subject to change. Rates are current as of February 1, 2011.