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.

 

Low-interest Loans

  • Twenty percent of the total project cost must be self-financed by the applicant, with the remaining 80% qualifying for financing.
  • The interest rate on standard residential/commercial loans will be based on the 30-year U.S. Treasury index at the time of the loan application, plus one percent.
  • Maximum loan amount is $20,000 for standard residential/commercial usage.
  • Loans over $7,500 will require suitable security prior to loan approval
  • Payments will be made monthly and are due on the 20th or upon receipt of monthly electric bill.
  • Member loan payment will be consolidated with monthly power billing.
  • Loans are available for a period of up to five (5) years.
  • Examples of loans for standard residential/commercial usage are as follows:

1. Maintenance and installation of cooperative-approved heating and cooling equipment used in conjunction with the cooperatives load management system whereby electric heating is the primary means of heating the members building.

2. Energy conservation or energy efficiency purposes.

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