We’ve created an unsecured Solar Loan for up to $50,000 that can be used for the residential installation of energy efficient solar systems. This includes equipment, labor and as needed, roofing. This loan is available exclusively to IBEW Local 134 members who are also members of our credit union. If you aren’t a member this is a great reason to join. Talk to your union rep about all the available incentives including tax credits, net metering, and others.
When is the new product available? July 1, 2021 for IBEW Local 134 members only.
What is aggregate unsecured balances of $50,000? GLCU has a statutory limit on unsecured loans of $50,000. The maximum we can lend on personal unsecured loans is $50,000 total. For example, if the member has a $5,000 personal loan, the maximum solar loan amount is $45,000.
What are the minimum loan amounts for extended terms? $5,000 minimum loan up to 60 months $7,501 minimum loan up to 84 months $15,001 minimum loan up to 120 months $20,001 minimum loan up to180 months
What documentation is needed for the loan application? The invoice from the contractor showing the total cost of the installation and the Underwriter may request verification of income. Check disbursements will be paid directly to the contractor.
I know someone who is not an IBEW member, but they would like a solar loan. Can they apply? We are currently offering solar loans only to IBEW Local 134 members. We anticipate opening up the program to general membership in 2022. The member can apply for a personal loan, credit card or home equity loan for their solar needs.
Can a member finance a new roof with solar install? Yes, the roof can be included in the total amount financed if installing at the same time as the solar install. As with all loans, we base our approvals on credit, income and other obligations.
How long will the low rates last? GLCU reserves the right to change loan rates at any time. Currently, the rate environment is favorable in regards to low loan rates and our rates are at historic lows for many of our products. Based on historical factors, as economic conditions improve, rates may increase.
1 APR = Annual Percentage Rate. On approved credit. Not all members will qualify. Rates range from 3.99% APR to 6.99% APR. Terms from 48 months to 15 years. GLCU has an aggregate limit ($50,000) on unsecured loans which will be a factor in determining the amount that can be borrowed. This offer is subject to change without notice.