Clean Energy FCU Surpasses 1,000 'Green Loans' Milestone
The Colorado-based CU is making more than 150 loans per month for residential solar panels, electric cars, bikes and green home improvements.
One of the industry’s youngest credit unions, Clean Energy Federal Credit Union, reported that it has surpassed more than 1,000 loans approved worth more than $15 million.
The Centennial, Colo.-based financial cooperative reached this new milestone in mid-October.
Although the credit union did a soft launch in January/February 2018, it didn’t start accepting loan applications until June.
From June to early October 2018, Clean Energy signed up 451 members and $3 million in deposits. The credit union also received 379 loan applications worth $5.8 million and funded 96 loans worth $2 million.
By mid-October 2019, the credit union signed up 1,255 members and $7.5 million in deposits. Clean Energy also said it funded 1,028 loans worth $15.6 million.
“We’re now making over 150 loans per month and this number continues to grow,” Clean Energy reported in its latest newsletter released in November.
Most of the loans have funded residential rooftop solar panels, while the remaining loans have been for electric vehicles, electric bikes and green home improvements.
First Energy has sold loans to members who live in more than 30 states, but most of the loan demand has originated from members in Arizona (100 or more loans), Colorado (100 or more loans), Illinois (100 or more loans), California (26-99 loans), Texas (26-99 loans), Florida (26-99 loans), Missouri (26-99 loans) Wisconsin (26-99 loans) and Virginia (26-99 loans).
The NCUA granted Clean Energy a federal charter and share insurance fund coverage in September 2017.
The credit union’s mission is to promote clean energy, environmental stewardship and cooperative enterprises through the financial services provided to its members. To achieve this mission, Clean Energy’s objective is to accelerate consumers’ adoption of clean energy products and services with loans not being offered by other financial institutions.
There are an increasing number of consumers who want to install solar panels on their homes, buy electric cars and make their houses energy efficient.
An estimated 40% of homeowners said they were considering installing solar panels, a Pew Research Center survey found. That number increased to 52% for homeowners in the west, 42% in the Midwest, 38% in the northeast and 33% in the south.