ERC Loan Program
Having an energy efficient home not only conserves electricity, but helps to keep your utility bills as low as possible. Sometimes making improvements to your home is necessary to make it more energy efficient, and sometimes those improvements can be somewhat costly. To help its members afford beneficial energy efficient improvements, Pea River Electric is happy to offer Energy Resource Conservation (ERC) loans available only to members of the Cooperative specifically for their primary residence.
The present interest rate for these loans is 8 percent. Members can borrow up to $4,000 on a signature loan with approved credit. Any amount borrowed over $4,000 must be secured with a first or second mortgage which requires a title search at a cost of $150.00 and a loan closing fee of $45.00. The minimum amount a member can borrow is $300 and the maximum amount is $6,000. Monthly payments will be added to the members electric bill for the term of the loan.
$300-$1,000 Not more than 24 months
$1,011-$2,000 Not more than 36 months
$2,001-$3,000 Not more than 48 months
$3,001-$4,000 Not more than 60 months
$4,001-$6,000 Not more than 72 months
If a cooperative member does the improvement work themselves, financing will be limited to the cost of materials and equipment. ERC loans are only available for energy conservation work done to already existing structures. No loans will be provided to re-finance existing structures or to finance energy conservation measures in new structures.
For more details on qualifying for an ERC Loan, call a Member Services representative today at 1-800-264-7732 or e-mail Winston Jackson at firstname.lastname@example.org or Chris Turner at email@example.com.