Interested in saving money AND saving energy? Dakota Valley Electric Cooperative offers a variety of low-interest loans to qualifying members:
Electric Heating and Water Heater Loans
Loans are available for installations of electric heating products such as heat pumps, electric boilers, electric furnaces, base board heaters, cove heaters, electric water heaters, fan forced heaters and thermal storage heat.
The interest rate is 5 percent annually. A 10 percent down payment is required. The term of the loan, to be repaid monthly, will vary depending on the amount borrowed. For example:
Under $1,000- up to 1-year term
$1,000 - $2,000- up to 2-year term
$2,000 - $3,000- up to 3-year term
$3,000 - $4,000- up to 4-year term
$4,000 - $5,000- up to 5-year term
Geothermal Heat Pump Loans
With board approval, financing for up to 50 percent of the cost of purchase and installation of a closed loop heat pump at a location served by Dakota Valley Electric -- not to exceed $10,000--is available to members of the cooperative. The term of the loan will be 5 percent interest for a maximum of 7 years, to be repaid in monthly installments.
Energy Resource Conservation Loans
Members may finance weatherization projects, such as adding insulation and replacing windows and doors, at an interest rate of 5% annually.
The terms of the loan, to be repaid monthly, will vary depending on the amount borrowed.