Home Energy Loans

Home Energy Loans in Washington

Craft3 offers affordable financing for homeowners to install energy efficiency measures, including HVAC, critical repairs, weatherization, and solar in some areas. Our Home Energy Loan is designed to work for a variety of households, including lower-income homeowners and borrowers who may not have perfect credit. Home Energy Loans are offered in partnership with Energy Trust of Oregon, NW Natural, Pacific Power of Washington and Seattle City Light.

We have helped over four thousand homeowners install upgrades that reduce their energy use. We’ve gotten pretty good at answering questions and taking care of our customers and we look forward to helping you!

Loan Features

Our Home Energy Loans are designed to meet your needs and work for as many homeowners as possible.

  • Perfect credit not required. While we consider your ability to repay the loan, you don’t need perfect credit to be approved if you’ve paid your utility bill regularly. 
  • Convenient repayment through your utility bill.
  • Financing tailored to your needs. Finance up to 100 percent of eligible measures. Lower rates for qualified low-income borrowers 
  • No pre-payment penalties.

If at any point, you’ve got any questions you can email us at HomeEnergy@Craft3.org or call 888-231-2170 ext 225.

Eligibility Criteria

Customers of select utilities will be eligible to finance upgrades to make your home more energy efficient. If we can’t approve your loan, we’ll explain why. In addition, the following property types are eligible:

  • Owner occupied properties
  • Detached single-family properties
  • Small multifamily properties may be eligible with certain offers
  • Manufactured homes 
  • Homes located on Tribal and Trust land 

Low-income households may be eligible for additional services — contact your utility.

Process

Craft3 supports homeowners every step of the way. Here's how it works:

  1. Apply for a loan
  2. Work with a program approved contractor to finalize a bid
  3. Sign your loan documents electronically before work begins, nothing to mail. Up to 50% of the finance amount may be available up-front to contractors
  4. Craft3 pays your contractor the remaining balance after the energy upgrade and quality oversight check are complete
  5. Repay your loan through your primary heat source utility bill

Loan Details

Our loans are accessible to many homeowners, including those without perfect credit. And you won’t be charged a higher interest rate if you have a lower credit score. Special reduced rates are available for households earning less than 100% of the Area Median Income (AMI)**.

Pacific Power

Craft3 partners with Pacific Power to offer Home Energy Loans to Washington homeowners whose primary heat source fuel is provided through Pacific Power. Low-income households may be eligible for additional low-cost services, learn more here.

Homeowners can finance critical repairs in addition to other rebate eligible projects from Pacific Power. For more information about the sorts of projects you can finance click here.

Annual
Household Income
Interest Rate  Terms  Loan Amount Security Loan Fee Examples
More than
100% AMI**
4.99% (5.29% APR*)  Up to 15 years $2,500 - $50,000***
UCC - $200 $10,000 loan at 5.29% APR 180 payments of $80.61 per month
Equal to/Less than
100% AMI**
4.49% (4.789% APR*)  $10,000 loan at 4.789% APR 180 payments of $78.16 per month
*APR, Annual Percentage Rate based on example loan criteria.
** The area median income (AMI) is the household income for the median household in a region. AMI is based on HUD Income Limits, See Income Limits | HUD USER and Section 8 Income Limits (huduser.gov) for more information.
*** Maximum loan amount is $25,000 for Loans not secured by a UCC-1A filing.
Loan availability, terms, and conditions current as of 07/07/22 and are subject to change. Examples include financing of loan fees and a $200 recording fee, where applicable. All loan applications are subject to credit, property, and project approval. Maximum loan amount and Loan to Value apply and are subject to equity value and underwriting requirements for all programs. Applicants must be a customer of a listed participating utility. Loans that are secured by a UCC-1A filing will be recorded with the county. Subordination may be available with lender approval, fees may apply. Principal balance and interest are due on sale, transfer, refinance, or maturity. Due to Home Energy Loan funding sources, financed projects may require a cultural resource and historic preservation review. If a designation is made, the property owner will be responsible for costs incurred.
Critical repairs could include mold abatement; asbestos removal; leak repairs, including relevant wall and floor replacement; roof repair/replacement; rodent/pest removal and prevention; electrical upgrades including panel replacement; and air quality improvement.
Seattle City Light

Craft3 offers Home Energy Loans to Seattle City Light customers.  

As well as other energy-related improvements like rooftop solar, critical repairs+, windows, and efficient heating systems, financing can be used to convert from oil heat to a new clean heating system. The cost to decommission your oil tank may also be included.

Annual
Household Income
Interest Rate  Terms  Loan Amount Security Loan Fee Examples
More than
100% AMI**
4.99% (5.227% APR*)  Up to 20 years $2,500 - $50,000***
UCC - $200 (where applicable) $10,000 loan at 5.227% APR 120 payments of $134.80 bimonthly
Equal to/Less than
100% AMI**
4.49% (4.726% APR*)  $10,000 loan at 4.726% APR 120 payments of $129.16 bimonthly
*APR, Annual Percentage Rate based on example loan criteria.
** The area median income (AMI) is the household income for the median household in a region. AMI is based on HUD Income Limits, See Income Limits | HUD USER and Section 8 Income Limits (huduser.gov) for more information.
*** Maximum loan amount is $25,000 for Loans not secured by a UCC-1A filing.
Loan availability, terms, and conditions current as of 07/01/22 and are subject to change. Examples include financing of loan fees and a $200 recording fee, where applicable. All loan applications are subject to credit, property, and project approval. Maximum loan amount and Loan to Value apply and are subject to equity value and underwriting requirements for all programs. Applicants must be a customer of a listed participating utility. Loans that are secured by a UCC-1A filing will be recorded with the county. Subordination may be available with lender approval, fees may apply. Principal balance and interest are due on sale, transfer, refinance, or maturity. Due to Home Energy Loan funding sources, financed projects may require a cultural resource and historic preservation review. If a designation is made, the property owner will be responsible for costs incurred.
Critical repairs could include mold abatement; asbestos removal; leak repairs, including relevant wall and floor replacement; roof repair/replacement; rodent/pest removal and prevention; electrical upgrades including panel replacement; and air quality improvement.
Convert from Oil to Clean Heat for Seattle Residents

The City of Seattle estimates that as many as 18,000 households heat with oil, making up nearly 18 percent of total carbon pollution in the residential sector. Heating oil is the most-expensive heating source in Seattle. To help improve air quality, prevent storage tank leaks, and reduce climate pollution, Seattle has passed a law to help phase -out oil heat by 2028.

Rebates, assistance, and resources:

Energy Trust of Oregon, Washington On-Bill Repayment

Craft3 partners with NW Natural to offer Home Energy Loans to homeowners whose primary heat source fuel is provided through NW Natural. For more information about the sorts of retrofits that you can finance, click here.

Annual
Household Income
Interest Rate  Terms  Loan Amount Security Loan Fee Examples
More than
100% AMI**
4.99% (5.29% APR*)  Up to 15 years $2,500 - $15,000
UCC - $200 (where applicable) $10,000 loan at 5.29% APR 180 payments of $80.61 per month
Equal to/Less than
100% AMI**
4.49% (4.789% APR*)  $10,000 loan at 4.789% APR 180 payments of $78.16 per month
*APR, Annual Percentage Rate based on example loan criteria.
** The area median income (AMI) is the household income for the median household in a region. AMI is based on HUD Income Limits, See Income Limits | HUD USER and Section 8 Income Limits (huduser.gov) for more information.
Loan availability, terms, and conditions current as of 07/01/22 and are subject to change. Examples include financing of loan fees and a $200 recording fee, where applicable. All loan applications are subject to credit, property, and project approval. Maximum loan amount and Loan to Value apply and are subject to equity value and underwriting requirements for all programs. Applicants must be a customer of a listed participating utility. Loans that are secured by a UCC-1A filing will be recorded with the county. Subordination may be available with lender approval, fees may apply. Principal balance and interest are due on sale, transfer, refinance, or maturity. Due to Home Energy Loan funding sources, financed projects may require a cultural resource and historic preservation review. If a designation is made, the property owner will be responsible for costs incurred.