Berkeley Electric Cooperative customers, South Carolina · Loan
Energy Advance Loan (Berkeley Electric Cooperative and Farmers & Merchants Bank)
Run by Berkeley Electric Cooperative
Berkeley Electric Cooperative members can borrow $1,000 to $50,000 from Farmers & Merchants Bank of SC for home energy improvements such as insulation, windows, doors and heat pumps, at 9.00% to 10.50% over 1 to 10 years, using an approved contractor.
Amounts
How much you get
Loans from $1,000 to $50,000 for 12 to 120 months, at 9.00% to 10.50% simple interest depending on term, with no prepayment penalty. A $50 final inspection fee and county UCC fees are added to the loan. Payments go to Farmers & Merchants Bank, not on the electric bill.
Eligibility
Do I qualify?
You need to meet all 4 of these.
Continuous electric service with Berkeley Electric Cooperative for at least 12 months.
The applicant must own the home; with joint ownership every owner applies. Mobile home owners must own the home and the land. Heirs and et al. properties don't qualify.
Credit check and project approval by Farmers & Merchants Bank.
Must use a contractor from Berkeley Electric's approved list; work done and the loan closed within 30 days of approval.
What to doRequest bids from contractors on Berkeley Electric's approved contractor list after loan approval.
Equipment
What equipment counts
Applying
How to apply
Work must be completed and the loan closed within 30 days of loan approval. Get approved before you buy anything.
- Contact a Berkeley Electric district office (Marketing & Energy Specialist) or apply online with Farmers & Merchants Bank.
- Return the completed Energy Advance application to a district office or F&M Bank.
- Talk with Berkeley Electric's Energy Experts about recommended upgrades.
- After F&M Bank approves the loan, get bids from contractors on the approved list.
All work must be completed and the loan closed within 30 days of approval.
- Close the loan with an F&M Bank loan officer.
- Berkeley Electric inspects the work, then the contractor is paid.
Stacking
Use it with
Your address
Next steps
Check that it covers your address. This program has to approve you before you buy anything, so start with the program, not a contractor quote.
Is it available at your address?
Before anything else
Request bids from contractors on Berkeley Electric's approved contractor list after loan approval.
Your quote request is in If a contractor we work with serves your ZIP, they can contact you. We take one request per person; contact us to change it.
Get an email if this program changes
We'll write if its amount, status or deadline changes. Nothing else.
FAQ
Questions
How much does Energy Advance Loan (Berkeley Electric Cooperative and Farmers & Merchants Bank) pay?
Work done at no cost. Loans from $1,000 to $50,000 for 12 to 120 months, at 9.00% to 10.50% simple interest depending on term, with no prepayment penalty. A $50 final inspection fee and county UCC fees are added to the loan. Payments go to Farmers & Merchants Bank, not on the electric bill.
Do I need to be a Berkeley Electric Cooperative customer?
Yes. It’s only for homes in Berkeley Electric Cooperative customers, South Carolina. See Do I qualify for the details.
Do renters qualify?
The applicant must own the home; with joint ownership every owner applies. Mobile home owners must own the home and the land. Heirs and et al. properties don't qualify.
Do I have to use a contractor?
Yes. Must use a contractor from Berkeley Electric's approved list; work done and the loan closed within 30 days of approval.
Do I need approval before I buy?
Yes. Apply before you buy or install anything; purchases made first don’t qualify.
What’s the deadline?
No fixed deadline. Apply any time while it’s open.
Is it still available?
Yes. It was open when we last checked, on October 25, 2026.
Plain words
Words used on this page
References
Sources
This page is built from these official pages, run by the program itself.
When one of these pages changes, we re-check this page against it.
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