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Energy Resources Conservation Loan Information
The Energy Resources Conservation Loan Program are loan funds that have been made available through the Rural Electric Program. The objective of the program is to make a limited amount of money available for members for projects that will conserve energy.
The loan funds can only be used to finance the cost of:
- Caulking
- Weather-stripping
- Heat pump systems that reduce the consumption of electricity
- Storm windows
- Thermal windows
- Storm and thermal doors
- Electrical demand limiting devices that reduce the maximum kilowatt demand on the electrical system
- Clock thermostats
- Attic ventilation fans
- Labor costs – only when an approved contractor is hired
The exact terms will be established by the association for each loan on an individual basis, subject to the following terms.
- The maximum amount of a loan shall be $3000.00
- The security for the loan shall be in the form of a note
- Maximum loan period shall be 60 months
- On loans less than $3000.00 the length of the loan will be determined by a minimum monthly payment of $50.00
- Loan funds will be disbursed jointly to the member and the contractor(s)
- If the member moves off the property, the balance of the loan is due in full
- When the loan is used by the member for equipment that qualifies for a discount rate, any applicable discounts for energy may at the option of the Cooperative be applied to the monthly note payment
- All loans are subject to approval of the Board of Directors
- All loans will be at 5% interest
- This loan can not be used to refinance existing loans
- No work on the project can begin before loan approval has been received
If the member is married, the promissory note must be signed by both the husband and wife.
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