Program Criteria
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 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 – non-refundable and due with the application
- UCC Filing fee: $70 for individual or $80 for joint memberships – due at loan signing
- Florida Documentary Stamp Tax: $.35 per $100
- Document Preparation: $50 – 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.
Participation Process (7 Steps)
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: Complete the Loan Application
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 non-refundable application fee (please make check payable to FKEC)
- A copy of the signed contract with the Generac service dealer
Step 4: Application Review
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 & 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).
