AIR-SOURCE OR GEOTHERMAL HEAT PUMP 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. We also offer an Electric Heat Pump Cash Rebate based on type and size of system.
Loan Terms and Conditions:
A 5%, 7-year loan up to $20,000.00 for the installation of the electric heating system is available.
An estimate from the installing contractor, a completed Credit Application Form 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