Will the loan payment be included on my electric bill?
Yes, loan payments will be included as a line item on your electric bill starting the first bill after issuance of the check to your Approved Installer.
How long after the work is completed before the check is issued?
This time varies depending on the length of time it takes the Approved Installer and owner to arrange for final inspection, if necessary, and provide all necessary documentation. Once FEC approves completion of the project the check will be issued within 30 days.
Does FEC send the rebate and loan payment to me or the Approved Installer?
FEC will make final payment to the Approved Installer. If the project cost is larger than the total rebate and loan amount, the homeowner is responsible for paying the trade ally the remaining dollar amount.
When does FEC pay out the rebate and loan to the Approved Installer?
After the project is completed and completion is approved by FEC.
What happens when I sell my home?
You will be required to pay off your FEC Energy Fix Loan in full.
What happens to the loan if I move but keep the house that received the energy-improvement as a rental?
As long as you maintain ownership of the property, you may continue to be billed for the loan as long as you have another active residential FEC account. You will need to inform FEC of your new address so the loan can be moved to your new electric account.
What happens if I decide to refinance my home after signing a Loan Agreement with FEC?
Your loan will continue.
Is there a penalty if I pay off the loan early?
No, there are no penalties for paying off your loan early.
What if I don’t have a Social Security Card (number)?
FEC requires a valid social security number when applying for an Energy Fix Loan.
I own an apartment building. Am I limited to $7500?
Yes. Residential loans are capped to one property owner.
