ERC loans are available for
- Electric water heater/water heater installation
- Heat pump installation
- Heat pump with high efficient gas furnace
- Electric heating solutions to supplement gas heat
- Electric heat product installations (such as boilers, plenum heaters, garage heaters, etc.)
Loan Guidelines
- $5,000 is available with a 3.5% interest rate for five years.
- Available for 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.
- You must be a member of MVEC for a minimum of six months before you can qualify for an ERC loan.
- Applicants may be subject to a credit check for approval.
- Available for members participating in an Energy Wise program(s). If the member does not put their electric product(s) on an Energy Wise program, they are not eligible.
Questions? For more information contact:
(952) 492-2313 or (800) 282-6832
[email protected]
