Minnesota Valley Electric Cooperative: Save Energy & Money: Loans

Wednesday, Mar 10th

Looking to make conservation improvements for your home? Members can finance their energy efficient improvements with Energy Resource Conservation (ERC) Loans through MVEC.

ERC Loans can be used for

Heat pumps, electric water heaters
Heat pump installations
Weatherization improvements (loans available up to $1,500)
Insulation - walls, ceilings, floors
Thermal windows
Storm or thermal doors

ERC Loan guidelines

5% interest rate
ERC Loans are available replacement items only. Loans are not available for new homes
Minimum monthly payments are $25.00 – MVEC sets up an amortization schedule and payments are added to your monthly electric bill
Maximum length of ERC Loans is five years
Up to $5,000 is available per loan
You must be a member of MVEC for a minimum of six months before you can qualify for an ERC loan
ERC loans are available for members who participate in an Energy Wise programs. If a member does not plan to put their electric product(s) on MVEC’s Energy Wise program they are not eligible for an ERC loan.

Complete online ERC loan application.

Did You Know...

Use compact fluorescent light bulbs (CFLs) and enjoy savings from installing CFLs in frequently-used light fixtures (those operated more than three hours per day). CFLs draw about one-quarter the energy of an incandescent bulb and last 10 times longer.