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Loans

Available for the Installation of Electric Energy Star Heat Pumps:

The five percent loan is available upon application from the member and approval by Central Electric's Board of Directors. The maximum loan amount is the lesser of $20,000 or 80% of the cost of installation for a period of up to 84 months. Collateral for the loan is required to be mortgage on the property. Minimum monthly payment is $50 plus interest.

$1,000 $57.78 18 $1,040.04
$2,000 $55.61 39 $2,171.13
$3,000 $56.61 60 $3,396.60
$4,000 $56.54 84 $4,749.36
$5,000 $70.67 84 $5,936.28
$6,000 $84.80 84 $7,123.20
$7,000 $98.94 84 $8,310.96
$8,000 $113.07 84 $9,497.88
$9,000 $127.21 84 $10,685.64
$10,000 $141.34 84 $11,872.56

For example: If you wish to receive a $5,000 loan for 84 months, your monthly payment necessary to pay back the loan at 5% interest would be $70.67. Actual payments depend on the amount borrowed and number of months of amortization.

Apply for Loan
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25487 403rd Avenue, I-90 Exit 325

PO Box 850

Mitchell, SD 57301

P: 800.477.2892 • 605.996.7516

F: 605.996.0869

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https://safeelectricity.org/

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©2023 Central Electric Cooperative. All Rights Reserved

  • Home
  • Your Cooperative
    • About Us
      • Our History
    • Annual & District Meetings
    • Associated Organizations
    • Management & Board of Directors
    • Bylaws
    • Contact Us
    • Employment
    • Statement of Nondiscrimination
  • Billing Information
    • Apply for Service
    • Billing FAQs
    • Capital Credits
    • Energy Assistance
    • Payment Options
    • Rate Schedule
    • SmartHub Help
  • Member Programs
    • Basin Electric Bus Tour
    • Community Room Rental
    • Co-op Connections® Discount Card
    • Cooperative Connections Newsletter
    • Electric Heat - Sub Metering
    • Loans
    • Operation Round-Up®
    • Rebates & Incentives
    • Renewable Energy Credit (REC) Program
    • Youth Programs & Scholarships
      • Scholarships
  • Products & Services
    • Appliance Sales & Service
    • Heating & Cooling Service
    • Electrical Wiring Service
    • Electric Grills
    • Generators
    • Heat Pumps
    • Mini-Splits
    • Security Lights
    • Solar Well Pumps
    • Water Heaters
    • Testimonials
  • Safety
    • Generator Safety
    • Grain Bin Clearance
    • Outage Preparation
    • Power Line Safety
    • Tree Planting
    • Underground Facilities
  • Energy Expertise
    • Degree Day Information
    • Electric Vehicles
    • Energy Audit
    • Load Management
    • Solar Energy
      • Central Prairie Solar