Nodak Electric Cooperative has a financing program whereby members/owners can obtain loans for the installation of electric heating, heat pumps, air conditioning, electric water heaters and insulation.
Any bonafide member/owner, that is, a person receiving electrical service from Nodak who has a membership application on file, can apply for a financing program loan.
- Twenty percent of the total project cost must be self-financed by the applicant, with the remaining 80 percent 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.
- The 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 your monthly electric bill.
- Member/owner 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:
- Maintenance and installation of cooperative-approved heating and cooling equipment used in conjunction with Nodak’s load management system whereby electric heating is the primary means of heating the member’s/owner’s building.
- Energy conservation or energy efficiency purposes.