Electric Equipment Loans
Southeastern Electric offers low-interest loans to members who wish to invest in modern, energy-efficient electric heating and cooling equipment for their homes and businesses. Also, loans are available for home improvements, such as new doors, windows and insulation. All loans are subject to credit check and Board approval. No loans are available for installing fossil-fueled equipment. Collateral for the loan is required to be mortgage on the property.
Payments must be paid by Automatic Bank Withdrawal and are due with the monthly electric bill. (17th of each month)
If you have any questions please contact the Member Services Department for details. 1-800-333-2859
Electric Equipment Loan Categories:
- Geothermal Heat pump, Air to Air Heat Pump, or electric heat up to $10,000 for 7 years @ 5% interest - $5,000 or under will be financed for 5 years @ 5% interest.
Loan Amount Monthly Payment Months
$3,000 $56.61 60
$4,000 $75.48 60
$5,000 $94.36 60 $5,100 $72.08 84
$6,000 $84.80 84
$7,000 $98.94 84
$8,000 $113.07 84
$9,000 $127.21 84
$10,000 $141.34 84
For example: If you wish to receive a $5,000 loan for 60 months, your monthly payment necessary to pay back the loan at 5% interest would be $94.36. Actual payments depend on the amount borrowed and number of months of amortization.
These loans can be used for the installation of equipment, duct systems, and the necessary wiring for the equipment.
Energy Conservation and Home Improvement Loans:
The Member home improvement loan program can help make your home more energy-efficient. Loan rates are competitive, terms are flexible and all loans are unsecure.
- Weatherization & insulation loans cannot exceed $3,000 and can only be up to 5 years (60 months) at 5% interest.