Generator Loan Program
About the program:
Through an agreement with our partner, Florida Rural Electric Credit Union, members of Escambia River Electric Cooperative can take advantage of low interest loans to finance a whole home generator and give them peace of mind during a major storm.
Eligibility:
This program is available to members of EREC who:
- Own the dwelling
- Have received electric service from EREC for at least one year
- Are in good standing with EREC, meaning they are current on utility payments and have made timely payments for the previous 12 months
- Are approved by Florida Rural Electric Credit Union
Qualifying projects:
- Must be a new whole home generator
- All major brands approved
- All installations must be performed by a licensed & insured electrical contractor.
Loan Details:
- Rates as low as 5.25%
- Maximum Loan Amount up to $25,000
| Grade | FICO | 0-36 mo. | 37-48 mo. | 49-60 mo. | 61-72 mo. | 73-84 mo. | 85-96 mo. | 97-120 mo. | 121-180 mo. |
| A+ | >=730 | 5.25% | 5.75% | 6.00% | 6.25% | 6.50% | 6.75% | 7.00% | 7.25% |
| A | 680-729 | 5.75% | 6.25% | 6.50% | 6.75% | 7.00% | 7.25% | 7.50% | 7.75% |
| B | 650-679 | 6.25% | 6.75% | 7.00% | 7.25% | 7.50% | 7.75% | 8.00% | 8.25% |
| C | 600-649 | 7.75% | 8.25% | 8.50% | 8.75% | ||||
| D | <=599 | 9.25% | 9.75% | 10.00% | 10.25% |
To Apply For A Loan:
Simply call Florida Rural Electric Credit Union at 1-800-542-1246.
Additional Information:
*90-day approval period (work must be complete within 90 days of loan approval). *Can finance up to 100% of installation costs (up to the maximum loan amount). *Financing available only for qualifying projects performed by licensed & insured contractors. *Payment made directly to contractor(s). *Subject to approval, these APRs are subject to change. Your APR and repayment terms will depend on your amount financed and term of your financing agreement.
