ERC Loans
Harrison ERC Loan Policy
It will be the policy of Harrison Co REC to:
Inform the members of the availability of the loans and will provide or arrange for such technical assistance as may be needed to inform the members of the type and estimated cost of energy conservation measures.
Loans may be made to finance up to 80% of the cost of materials and labor for the following energy conservation measures: (1) caulking, (2) weather stripping, (3) heat pump systems, (4) heat pump water heaters, (5) central heating or central air conditioning system replacements and modifications, which reduce oil or gas consumption, (6) ceiling insulation, (7) wall insulation, (8) floor insulation, (9) duct insulation, (10) pipe insulation, (11)water heater insulation, (12) storm windows, (13) thermal windows, (14) storm or thermal door, (15) electric system coordinated customer-owned devices that reduce the maximum kilowatt demand on the electric system, (16) clock thermostats, and (17) attic ventilation fans.
Loan Terms
Loans may be made to finance up to 80% of the cost of materials and labor.
Loans are to finance the cost of energy efficient measures in residential, commercial and industrial, public building, and facilities and structures used in agriculture, and will be limited to a MINIMUM OF $500.00 and a MAXIMUM OF $5000.00 per member, (one loan per member) which is subject to periodic board review.
The interest rate on such loans will not exceed five percent (5%) per annum on the unpaid balance of the loan, except that interest on payments in default shall be the maximum rate allowed by the Iowa usury statute applicable.
Monthly payments shall not be less than $20.00. It shall be the objective of Harrison County REC to have all such loans repaid in no more than 60 months.
All loans for the purchase of equipment which may be reasonably removed after the initial installation, and therefore available for re-sale, shall be secured by filing a lien against the property that the equipment is attached to.
Application
Loans may be made to owners or renters of such structures. Loans made to renters shall be made only when the note evidencing the loan is guaranteed by the owners of the real estate, and the said owners also join in executing any security agreement deemed by the Cooperative to be necessary to secure any such loan.
Loans may be made only for installation of energy conservation measures in "existing structures" served by the Cooperative with electric energy.
Loans may not be made for any new structure of any kind. Loans may not be provided to re-finance existing obligations.
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