Making your home more energy efficient can help to reduce high-energy bills, improve comfort and environment. Improving energy efficiency is also an important first step for homeowners interested in “going green” and making your home more efficient.
Improvements Eligible for Loan FundsTo be eligible to receive funds, the planned renovations may include but are not limited to items such as the following:
Caulking or weather stripping
Heat pump systems (ground water source)
Heat pumps, water heaters and central heating or air conditioning
Insulation for ceiling, wall, floor, duct, pipe, or water heaters
Storm or thermal windows
Storm or thermal doors
Electric system coordinated customer-owned devices that reduce the maximum kilowatt demand on the electric system
Attic ventilation fans
Purchase and installation of electric heating systems for facilities, housing commercial production of poultry, swine, equine, etc.
Purchase and installation of new or upgraded sewer systems for becoming eligible to connect to a rural water system. Application for this system must be made through the rural water district office.
The member must not have been on the Cut-Off Notice list for the 24-month period preceding application.
Those members connected less than one year must have a prompt pay history with both the cooperative and other creditors. Specific board approval will be required for all loans in this category.
The member must complete the Loan application as well as the Personal/Credit information.
The member must sign statement covering planned improvements.
The member must sign a lien accommodation and promissory note.
The member must sign an agreement that if full payment is not made on the electric bill the CEC Loan payment will be deducted first.
Loans will be made to members of Choctaw Electric Cooperative who own the structure being improved.
The structure must be receiving electric service from Choctaw Electric Cooperative.
An employee of the cooperative must make a facility energy audit of the structure. Certain recommendations may be made.
Loans cannot be made to refinance earlier conservation obligations or structures to be built or under construction. (This does not apply to add-ons or remodeling of existing structures)
LOAN TERMS AND CONDITIONS
Loans may be made up to a % of the total improvements being made.
The minimum amount of any CEC Loan will be $500.
The minimum monthly payment including principle and interest will be $20.
The maximum amount of any CEC loan will be $10,000.
Neither an attorney's title opinion or an updated abstract will be required to secure loans for amounts up to and including $5,000. However, for amounts over $5,000 applicants will be required to supply a title search.
The maximum scheduled repayment will not exceed seven (7) years (84 months).
Interest rate on CEC Loans will be six (6) percent.
The monthly payment will be added to the consumer's electric bill.
The due date of the first payments will be established by the CEC Member Accounts Department and will be dependent upon the member's billing cycle.
CEC will inform the member of interest paid on the CEC Loan by January 31 of each year.
A CEC Loan Committe comprising CEC trustees must approve the loan and may require a separate mortgage on the real estate to which the equipment or material being financed is attached.
When the member makes installation, the loan will be limited to the cost of materials utilized.
CEC will not advance funds to the consumer or the contractor without assurance that the work has been properly performed.
TERMS APPLYING TO INSURANCE OF UNITS
The member must meet insurance requirements as is necessary on real estate loans.
The legal description of the property to which the improvements are being made must be set forth in the Insurance Certificate.
A copy of the Insurance Certificate shall be kept on file in the office of the Cooperative.
STEPS NECESSARY BEFORE MONIES CAN BE ADVANCED
If required, member will submit an abstract currently certified for title examination on real property where structure is to be improved. Member will pay for this examination.
Member will sign mortgage on real property where structure is to be improved.
Member will notify their insurance carrier and list Choctaw Electric Cooperative as second mortgage on insurance certificate and provide CEC with a copy of insurance certificate.
Member will sign Promissory Note and UCC form to be filed with the Court Clerk in the county where the real property is located.
CEC WILL NOT DISCRIMINATE AGAINST ANY MEMBER, EMPLOYEE OR TRUSTEE BECAUSE OF RACE, COLOR OR NATIONAL ORIGIN.