Standby Generator Loan

Loan Requirements/Terms

• Up to $25,000 (including the generator, transfer switch, mounting pad or platform, permitting fees, propane connection or upgrade, installation charges and maintenance plan for the life of the loan).
• The loans have a competitive interest rate and we utilize the simple interest loan amortization calculation model.
• Repayment of the loan is 7 years or less. There will be no penalty for loans paid in full before 7 years.
• Program offered to FKEC residential and small-commercial members only.
• Loan payments will be included on and payable with the member’s monthly FKEC electric bill.
• Electric service must remain in the name of the member(s)/property owner(s) for the duration of the loan.

To qualify for the FKEC Standby Generator Loan, members must meet the following criteria:

• Be an FKEC member with a minimum 12 month billing history.
• For residential service, during the most recent 12 consecutive months of electric service:
  • the member is not late in paying a bill;
  • the member does not have service disconnected for nonpayment; and
  • the member does not have any returned checks.
• For commercial service, during the most recent 24 consecutive months of electric service:
  • the member is not late in paying a bill;
  • the member does not have service disconnected for nonpayment; and
  • the member does not have any returned checks.
• Member must own the property where the generator will be installed and maintain the electric account in their name for the duration of the loan.
• Member must agree to comply with all City or County building codes and permitting processes.
• Financing on the standby generator is contingent on final approval of the installation with the appropriate municipality.
• All joint members must authorize appropriate loan documentation.
• Only one loan per account until expiration of any existing loan with FKEC.
• Application fee will be collected upon submission of FKEC Standby Generator Loan Program application (PDF)and is not refundable regardless of whether or not the loan is obtained through FKEC.
• A UCC filing fee, Florida Documentary Stamp Tax fee, and a document preparation fee will be collected upon execution of the loan documentation and closing of the loan.
• FKEC reserves the right to inspect and approve all installations prior to close of loan.

Program Fees

An FKEC representative will contact the participating member throughout the application process to collect the fees listed below. All fees must be paid prior to final loan approval.

• Application Fee: $25.00 – non-refundable and due with the application
• UCC Filing fee: $70.00 for individual or $80.00 for joint memberships – due at loan signing
• Florida Documentary Stamp Tax: $.35 per $100.00
• Document Preparation: $50.00 – due at loan signing
• Late fee will follow FKEC Policy Bulletin No 209.0, paragraph 8 , for Delinquent Bills and Penalties and paragraph 9 for Disconnect Notice & Disconnect Procedure

Interest Rate

The interest rate will be fixed for the life of your loan. However, rates may vary at time of application so please contact FKEC Member Service for the current interest rate.

Collection Standards

In case of delinquencies, any payment or partial payment by a member goes first to the costs of interest and principal of the loan, then to the electric service bill(s).

Repayment Guideline

After FKEC approves installation and closes the loan, the member’s FKEC bill will include 2 line items titled “Generator Loan Principal” and “Generator Loan Interest” for repayment of the loan through monthly installments. Monthly payments by a member go first to the cost of interest and principal of the loan, then to the electric bill.

Step 1: Contact FKEC to determine program eligibility

Call FKEC Member Services Department at 305-852-2431 to determine your eligibility. The FKEC representative will verify you meet the program requirements by reviewing the following:

• FKEC Membership
• Payment History
• Property Ownership

Note: To qualify, the member must have a clean payment history on their monthly electric account for the previous 12 months (24 months for commercial) and maintain a clean payment history during the entire loan process. FKEC reserves the right to refuse or deny any loan request.

Step 2: Schedule a site assessment

Contact a Generac® certified service installer to schedule a FREE site assessment of your home or small-commercial business and provide a written proposal. FKEC can provide you the contact information for qualifying installers serving the Upper and Middle Keys.

Note: To receive the loan, standby generation must be installed by a Generac® certified service installer.

Step 3: Once you are ready to proceed with the purchase, please complete the FKEC Generator Loan Program application and submit to FKEC along with:

• The $25.00 non-refundable application fee (please make check payable to FKEC)
• A copy of the signed contract with the Generac service dealer

Step 4: FKEC will review the application and notify the member of approval or denial based on the program criteria and eligibility

If the program criteria are met, a letter of approval will be sent notifying the member to proceed.

If any of the program criteria are not met, a letter of denial will be sent notifying the member of the denial.

Step 5: Once the loan has been approved, the installation process may begin

Step 6: Final inspection and funding

The Generac® service dealer will schedule an electrical inspection once the installation is complete. FKEC must be provided with a copy of the inspection approval letter from the appropriate municipality before we can fund the loan.

An FKEC representative will prepare the funding documents to be signed by the member(s) at closing:

• Truth In Lending Disclosure Statement
• Promissory Note & Security Agreement
• Amortization Schedule

Step 7: Repay the loan on your monthly electric bill

If the member(s) meet all the program requirements and passes final inspection of the installation, the member(s) will receive funding. Loan repayments will be indicated on the member’s monthly electric bill as 2 separate line items (Generator Loan Principal and Generator Loan Interest).

A Generac 22kW Response Series Automatic Generator with a transfer switch and mounting pad or platform. The purchase price includes a 7-year parts and labor warranty from Generac®.

Note: Larger and smaller Generac® systems are available if the qualified installer deems it necessary to power your home or small-commercial business. These units are also eligible for the loan program. Currently, the FKEC loan program is only for the Generac® brand.

Yes, this model will power up to a 2,500 sq. ft. home or small-commercial business. The unit is Wi-Fi enabled which allows you to monitor its status from anywhere in the world using a computer or smart device.

Note: Larger and smaller Generac® systems are available if the qualified installer deems it necessary to power your home or small-commercial business. These units are also eligible for the loan program.

FKEC makes it easy! First, call FKEC Member Service to determine if you are eligible for a loan. If you qualify, you can contact a Generac® service installer to guide you through the process. FKEC can provide you the contact information for qualifying installers serving the Upper and Middle Keys. Note: To receive the FKEC loan your standby generator must be installed by a Generac® certified service installer.

Next, the installer will schedule a FREE assessment at your home or small-commercial business to evaluate your backup power needs, explain installation, choose an acceptable location, and select a maintenance plan (required for the life of the loan). The dealer will then provide you with a written proposal to include:

• Generator, Transfer Switch, Mounting Pad or Platform
• Propane tank and establishment of service with local propane supplier (if not already established)
• Required permitting fees
• Site preparation for the generator mounting pad or platform
• Propane and electrical connections
• Maintenance Plan

Once your generator is installed you will receive the following:

• An outage simulation to confirm everything works as it should
• Help with setting up the weekly self-test to ensure the system continues to function properly

A check from FKEC for the amount of your loan to pay the contractor(s)