Energy Resource Conservation Loan
Borrow for insulation, weatherproofing or efficient electric heating and cooling in an existing building you own and connect to Northwestern Electric Cooperative’s system.
Αυτή η ευκαιρία είναι προς το παρόν διαθέσιμη στα Αγγλικά.
The cooperative lends money for energy-saving improvements to existing homes, business premises, public and community buildings and agricultural structures. Supported work includes caulking, weatherstripping, insulation, storm windows and storm or thermal doors, attic ventilation fans, and qualifying heat pumps or central heating/cooling replacements and modifications.
For heat pumps and electric central heating and air conditioning, you can borrow up to the lower of $10,000 and 80% of cost, repaid over no more than 84 months. Other improvements listed above have a limit of the lower of $5,000 and 80% of total cost, with repayment over no more than 60 months. You can have only one ERC loan at a time. Loans above $5,000 require adequate security and board approval.
The annual interest rate is based on the prime rate when your loan is issued and cannot exceed 5% of the unpaid balance. Monthly repayments are due by the 10th and are billed and paid separately from your electricity bill.
You can repay the outstanding balance early without a penalty; the sample agreement also refunds any unearned finance charge. The sample note lists the financed improvement as collateral. If a payment is more than 10 days overdue, NWEC may demand the remaining principal and accrued interest. If you end your membership, the full balance becomes payable when electric service is disconnected.
Eligibility
- You must be an active NWEC member and own an existing structure receiving electricity from its system. Homes, commercial and industrial premises, public and community buildings and agricultural structures can qualify. You must not have paid any electric bill associated with your membership later than the 20th during the past 18 months.
- Request the loan before work is done or equipment is installed. Refinancing existing debts and work on buildings to be built or under construction are excluded.
- NWEC must approve your proposed measure, its documentation and photos. The work must meet reasonable installation, material and performance standards, be cost-effective and reduce energy consumption. NWEC assesses whether you can repay using your payment history and/or a credit check. You must complete the compliance and loan agreements.
- Heat-pump borrowing requires electricity to be the primary heat source; propane or natural-gas systems do not qualify under the current FAQ. Heating/cooling equipment must meet the efficiency requirements in policy 105.1. Air-source heat pumps require SEER above 16, EER above 13.4 and HSPF above 8.5. These ratings measure seasonal cooling efficiency, cooling efficiency and seasonal heating efficiency. For ground-source systems, the second-stage specifications are EER above 15.9 and COP above 3.3 for closed/open-loop systems, or EER above 15.5 and COP above 3.3 for split systems. COP measures useful heat relative to electricity input. All-electric central-system replacements/modifications must improve efficiency and have SEER above 14, EER above 10 and COP above 1. Compare your contractor’s equipment specifications with these policy requirements.
- Financing heating equipment’s labor and materials requires an energy audit of the premises. If you install materials yourself, the loan finances materials only.
How to apply
- Κατάσταση
- Ανοιχτό συνεχώς
- Όροι του κύκλου αιτήσεων
- Request the loan before work is done or equipment is installed.[^c2]
Call Northwestern Electric Cooperative on 580-256-7425 before starting work. Staff check your account history and whether the proposed improvement qualifies. Obtain quotes from several contractors and give NWEC the final quote you choose. Loans above $5,000 go to the board at its next regular meeting.
After approval, NWEC prepares the amount, interest rate, monthly payment and agreements. Visit its headquarters in Woodward to sign. NWEC issues a check made out to you and the contractor, for collection or mailing according to your instructions; its policy requires assurance that the work has been properly performed before money is advanced.