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A: Your cooperative can loan money at the current prime interest rate to help you install all-
electric heating and cooling, electric water heating, weatherization, security systems and
standby generators in your home and business.
A: Both residential and commercial customer-owners of locations served by Walton EMC. You
must pass a reasonable test of creditworthiness. This includes a good utility payment re-
cord, credit application, credit report and property title where required by loan amount or
other circumstances.
A: All-Electric Heat Pumps (including air source heat pumps, geothermal heat pumps and their
associated ground loop systems and accessories such as high efficiency filtration equip-
ment)
Electric Water Heating (including traditional water heaters, heat pump water heaters and
waste heat recovery units)
Security Systems (installed by EMC Security only, including intrusion, fire, home automa-
tion systems, commercial fire and security systems, video surveillance and access control
systems)
A: There is a limit of $4,500 for existing home weatherization; the limit for all other approved
uses is the actual cost of the equipment and installation. If you do existing home weath-
erization yourself, only the cost of materials is covered.
A: The current prime rate at loan closing calculated daily on the unpaid balance. The final
payment is adjusted to charge for late payments or give credit for early payments.
Q: How is the loan secured?
A: Loans up to $4,500 are secured by signature. Loans over $4,500 require a deed to secure
debt by first or second mortgage on the property where the improvements are installed.
A: On loans up to $4,500 there is a $15 origination fee that includes a credit check. On loans
over $4,500, the fee is $110 plus $3 for each additional $1,000 borrowed to include a
credit check, title search, recording fees and intangible tax fees.
A: The loan must be paid off in full if you move off Walton EMC’s lines or change power
suppliers.
Plus one year for each $2,000 over $5,000 for up to a maximum of ten years.
A: Walton EMC will bill for monthly loan payments at the time it bills for electric service. Other
circumstances will be handled on an individual basis.
A: Follow the instructions on the page titled “Walton EMC Prime PowerLoan Application Infor-
mation and Directions.”
Walton EMC Prime PowerLoan
Application Information and Directions
Fast Facts
•The interest rate of your loan will be the prime rate at the time of loan closing.
•The loan applicant must own the property where the work is being performed.
•The loan applicant must be a Walton EMC electric customer.
•Approved uses for Prime PowerLoan: all-electric heat pumps, electric water heating, weatherization
(windows, thermal envelope insulation, duct sealing and insulation, caulking, weatherstripping,
insulated doors), stand-by generators and security systems installed by EMC Security.
When the work is finished, call a member services representative for verification. At the time of verifi-
cation, you’ll need to provice a copy of the invoice(s) for the work that was completed. If the loan is for
heat pumps, the invoice also needs to include model numbers of the indoor and outdoor units.
The check will be made out to you and your contractor in the amout of the invoice(s) up to the ap-
proved amount of the loan. It is your responsibility to pay your contractors.
Applicant’s Full Name ________________________________ Date of Birth ______________ No. of Dependents ____
(Applicant must be the homeowner where work is being performed.)
Social Security Number ___________________________ Driver’s License Number ___________________________
How Long at This Address? _______________ o Own o Rent Monthly Payment _______________
When the work is completed, you are required to come to our office to sign a promissory note and pick up the
check. This cannot be done over the phone, through the mail, by fax, by email or by any other means.
Pick the Walton EMC office where you want to complete this process: o Monroe o Snellville o Watkinsville
The above information is correct and is given for the purpose of obtaining credit. You are authorized to verify this informa-
tion and to obtain additional information in reviewing this credit request. Both signatures are required for a joint applica-
tion.
I understand that if there is a second mortgage on this property, I will not be eligible for a loan over $4,500.00.
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County __________________
Return to Kathy Ivie, Walton EMC, P.O. Box 260, Monroe, GA 30655.