Electric Heating System Loan

Electric Heating System Loan

Working with our power supply partner, East River Electric Power Cooperative, we have a loan program available for those members who want to finance the cost of installing an electric heat pump heating system in a single residential dwelling. A cash rebate, based on type and size of system, is also available.

Loan Terms and Conditions:

A 5%, 7 year loan up to $ 10,000.00 for the installation of the electric heating system is available.

An estimate from the installing contractor, a completed cooperative credit application and a review of the billing history is presented to our Board of Directors when applying for this loan. A copy of the billing invoice and on-site inspection of the heating system is required before rebates and/or loan funds are advanced to the member. A Mortgage-One Hundred Eighty Day Redemption will be recorded at the member county Register of Deeds office. If a member has past due loan payments for an electric heating system they will not be eligible for the electric heat rate

Payments:

Co-op bills monthly

No penalty for early repayment

Balance due and payable upon termination of membership or change of property ownership

Applications are subject to approval by board of directors

Property owner must co-sign loan made to renter

Application Process:

  1. Member submits contractor’s estimate (in writing) and completed Credit Application for irrigation system auto restart equipment loan.
  2. If approved by Board, member provides invoice(s) confirming loan amount.
  3. Member and Co-op execute Consumer Credit Disclosure Form and Installment Note.
  4. Co-op issues check to member for loan amount.

Application Form:

Credit Application Form

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