Energy efficiency and heat pump loans
Active cooperative members can borrow for home insulation, electricity-saving improvements or an electric heat pump, with repayments billed monthly.
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The Energy Efficient loan covers actual materials and installation costs up to $10,000. Interest is 5% on the amount you still owe, and the repayment term cannot exceed 84 months. Eligible work includes caulking; wall, floor, ceiling, duct, pipe and water-heater insulation; storm or thermal windows and doors; clock thermostats; and attic ventilation fans. Electric water heaters must reduce electricity consumption. Devices that reduce peak electricity demand also qualify, whether measured at the electricity system’s peak or measured separately.
The separate heat pump option within the programme offers up to $20,000 at 5% for seven years to install an air-source or geothermal electric heating system in a single residential dwelling.
You repay the loan through monthly cooperative bills. Both options allow early repayment without a penalty. For the Energy Efficient loan, the whole outstanding balance becomes due if your membership ends or the property changes ownership. For the heat pump loan, the cooperative records a mortgage, called a “Mortgage-One Hundred Eighty Day Redemption”, at the county Register of Deeds office, securing the loan against the property. Overdue electric-heating loan payments also make you ineligible for the cooperative’s electric heat rate.
Eligibility
You must be an active Codington-Clark Electric Co-op member with an established history of timely payments and no overdue account balance. The cooperative serves parts of Codington and Clark counties and parts of Beadle, Day, Deuel, Grant, Hamlin, Kingsbury and Spink counties in northeastern South Dakota.
For the Energy Efficient loan:
- A renter’s property owner must co-sign the loan.
- Your own labour is excluded if you install the materials yourself.
- You cannot refinance existing obligations or finance measures already underway or completed.
- Measures in structures planned or under construction are excluded.
The heat pump option is for an electric heating system in a single residential dwelling. Both options require approval by the cooperative’s board of directors.
How to apply
- Status
- Öppet löpande
- Villkor för ansökningsomgången
- Active members with timely payment history and current balances; board approval required.
Download the credit application from the official loan page and submit the completed form to Codington-Clark Electric Co-op. Contact the office at 3520 9th Ave SW, Watertown, SD 57201, on (605) 886-5848 or (800) 463-8938. Your signature authorizes the cooperative to verify the information and obtain additional information to assess your credit request; a joint application also requires the additional person’s signature.
For the Energy Efficient loan, apply before work starts. After board approval, provide invoices confirming the loan amount. You and the cooperative then sign a Consumer Credit Disclosure Form and an Installment Note, and the cooperative issues you a check for the loan amount.
For the heat pump loan, provide the installing contractor’s estimate and completed credit application. The board considers these with your billing history. A billing invoice and an on-site inspection of the heating system are required before the cooperative pays out the loan funds.