How to borrow $5,000 at 5% interest

Make the energy-efficiency improvements that will help you save on your monthly electric bills by applying for a PIONEER ELECTRIC COOPERATIVE Energy  Conservation loan.

Qualified PIONEER ELECTRIC COOPERATIVE members can borrow up to $5,000 at 5% interest if the loan includes a heat pump. Otherwise, the maximum loan amount is $3,000 for insulation measures alone.

The amount of payment depends upon the amount you borrow and the length of the loan.

The payback time frames are as follows:

                           $1,000 - $2,000….36 months

                           $2,000 - $4,000…..48 months

                           $4,000-  $5,000…..60 months

Qualifying Criteria:

-Pioneer Electric Cooperative member/homeowner for 12 months

-Meet credit worthiness test, including utility payment record and credit score with outside agency.

-Mobile homes are excluded UNLESS the member owns the property and presents

 a deed as proof of ownership

-ERC Loans are NOT for new construction, nor do they cover labor performed by the member

Eligible Improvements:

ERC Loans can be used to pay for the following energy-saving improvements:

High efficiency heat pump

Insulation (attic, wall, floor)

Storm windows, doors

Other pre-approved weatherization measures

To Get Started:

To obtain a loan application, open the link for an ERC Loan Application or contact a customer service representative at PIONEER ELECTRIC COOPERATIVE.  Once your loan is approved and the work is done, simply present invoices for approval. Your check will be quickly processed, along with loan papers for you to sign to add the payments to your monthly bill.