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.

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.

Low-interest Loans

• 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.