Member Loans
The Cooperative recognizes the value of establishing a loan program for qualifed members with acceptable credit ratings to purchase electrical equipment.
The program will make funds available for the purchase and installation of the following types of electrical equipment as approved by MEC management:
- Storage heaters
- Electric water heaters
- Electric heaters
- Required dual fuel control equipment
- Standby generators
- Increased service equipment
- Control electric heating system
- Geothermal heat pumps
- Other electrical equipment that helps build load for the Cooperative as approved by MEC Management
The terms and conditions of member loans are as follows:
- The interest rate on member loans will be 7%.
- MEC will finance 80% of the approved project up to a maximum of $3,500. MEC will finance 80% of a geothermal heat pump project up to a maximum of $10,000. Any commercial installation requiring a larger loan amount than already stated may be considered by the board of directors.
- Members loans will be amortized for not more that eighty-four (84) months, without penalities for prepayment of principal. The monthly payments will be established and billed to the members as part of the regular monthly bill. The monthly payments shall be no less than $15.00.