This loan offers 5% financing for high-energy efficient heat pumps (15 SEER or higher), insulation, and storm windows.
Who is eligible for financing?
- Members who have an active electric service account in their name, and whose home is served by Central Electric;
- Homeowners of single family, duplex, and triplex dwellings;
- members with manufactured homes if they own their property and the home is permanently installed; and those whose credit has been approved for the loan program.
Homes must meet minimum insulation levels for the heat pump loan and homeowners must have their credit approved by Central Electric. Newly constructed homes are not eligible.
How much can I borrow?
- A minimum loan is $1,000 for a heat pump and $500 for other improvements;
- $3,000 per home is available for improvements for insulation and storm windows;
- and $7,500 per home for installation of a high efficiency heat pump.
What are the terms?
- Loans can be repaid over a period of 12 to 60 months with payments made through the homeowner's Central Electric residential service account;
- Payments must be at least $25 a month;
- and a one-time service fee of 3% of loan amount or minimum of $105.00 will be applied.