How much do upgrades cost?
Costs are dependent on the scope of work, your home’s size and ability to access the work areas; it’s therefore impossible to offer suggested values. Each home requires unique repairs which will trigger different prices.
What financing options are typically available?
In addition to SMUD financing, other options include personal loans or credit cards. We recommend considering the costs and benefits of different financing options to find a solution that best meets your particular situation.
Do I qualify for this program when I'm buying a home?
If you’re in the market to purchase a home, SMUD wants you to know you could qualify for an FHA Energy Efficiency Mortgage Loan and SMUD Home Performance Program rebates. For more information about SMUD’s Home Performance Program click here.
For more information about Energy Efficient Mortgages through FHA click here.
Why finance energy efficiency measures? What are the benefits?
SMUD encourages energy efficiency home improvement projects as a solution to help customers manage their energy usage and utility bills. Often, the relatively high initial cost of some measures can be an obstacle for some customers. To help offset these costs, SMUD offers financing for energy efficient upgrades to allow qualified customers to enjoy lower energy bills and increased comfort immediately while paying over time.
How do I apply for financing?
Customers apply for financing through participating SMUD contractors. The contractor will assist you in filling out the application form and determining the type and amount to finance. Before applying for financing, applicants should ensure that they meet the eligibility requirements.
Will you check my credit?
Yes. When applying for a SMUD loan, we will check your credit rating and bill payment history to assist in determining your eligibility.
How long does the SMUD financing process take?
Financing approval usually takes one to two days once the completed paperwork is submitted.
What is the difference between secured and unsecured loans?
Secured loans offer the lender security in the form of a Uniform Commercial Code fixture filing. This fixture filing is in senior position and must be paid back before other liens (such as mortgages) in case of default. Secured loans are often less risky and therefore have lower interest rates. An unsecured loan does not use any form of collateral and typically carries higher interest rates due to the greater risk of nonpayment.
What are the basic loan terms?
The maximum loan amount for any unsecured loan is currently $5,000 with a maximum loan term of 36 months. The maximum loan amount for any secured loan is currently $30,000, with a maximum loan term of 120 months. Interest rates vary from time to time, so please check with a participating contractor or contact SMUD residential services at 1-888-742-7683 and press *18. All loans require an application fee of $200.
Who is eligible for the program?
The applicant must be the vested owner of the property where the products are to be installed. The owner does not have to reside in the property to be eligible. Loans are not made to tenants renting or leasing the property.
What types of dwellings are eligible?
Single-family detached, duplexes, triplexes, quadplexes, townhouses and condominiums are all eligible for the program. Mobile homes and manufactured homes are not eligible for this program.
Where can I get more information?
You can contact residential services at 1-888-742-7683 and press *18 for questions on program eligibility, installation process, and a list of participating contractors.
Can I start the upgrades before my application is approved?
No. To be eligible for financing, the applicant must receive loan approval from SMUD prior to installation of any product(s). SMUD will not finance previously installed products, or products paid for by the customer or financed through another lender.