Heat-pump installation loan
Charles Mix Electric customers can borrow at 5% annual interest to install a new air-to-air or geothermal heat pump at home.
Borrow from $200 up to $5,000 for a new air-to-air heat pump, or up to $10,000 for a new geothermal heat pump. The loan can pay for equipment, ductwork, electrical service upgrades and installation, including geothermal loops. You repay the loan with 5% annual interest over a term of up to 84 months (seven years).
Charles Mix Electric issues the loan cheque after all forms are completed, signed and returned. Install the equipment within six months of loan approval.
Eligibility
- This entry covers residential heat-pump installations for Charles Mix Electric customers. The cooperative serves most of Charles Mix County in South Dakota; most municipalities have other electricity suppliers, so a county address alone does not establish service eligibility.
- Submit your application before the equipment is installed.
- Sign a Security Agreement promising repayment. The loan must also be secured by an equipment filing with the Secretary of State under the Uniform Commercial Code (UCC), a mortgage on the installation land, or both. The equipment filing identifies the equipment by model and serial number. A loan over $5,000 requires a mortgage, which may be a second mortgage where another lender holds the first.
- Both borrowers must sign a joint application.
How to apply
- Status
- Open continuously
- Round restrictions
- Apply before equipment installation; submit at least one week before the monthly board meeting on the third Thursday.
Download the credit application, complete all applicable fields and sign it. If you have no current mortgage or loans, write “none” in those fields. Attach a credit report from one of the three major national credit bureaus and return the application to Charles Mix Electric, PO Box 10, Lake Andes, SD 57356-0010.
The Office Manager verifies the information and recommends applications to the Board of Directors. The board meets on the third Thursday of each month; submit at least one week before that meeting. For questions about the application or loan procedure, call 605-487-7321 or 800-208-8587.