Loans

The Nodak Electric Cooperative has a financing program whereby customers can obtain loans for the installation of electric heating, heat pumps, air conditioning, electric water heaters, and insulation.

Nodak also offers rebates for the installation of new electric water heaters.

Low Interest Loans

Any bonafide customer, that is, a person receiving electrical service from Nodak, and who has a membership application on file, can apply for a financing program loan.

Click for details on the Loan Program.

• Customer is required to pay a 20 percent down payment directly to the contractor.
• Nodak will finance 80 percent of the total cost.
• Interest rate is 6 percent on all loans.
• Maximum loan amount is $20,000.
• Loans over $7,500 require some form of security. Please specify collateral.
• Payments will be made monthly and are due on the 20th or upon receipt of monthly electric bill.
• Minimum monthly payment is $25.
• Loans are available for a period of up to five years.