Loans and Rebates
This loan offers 5% financing for high-energy efficient heat pumps (15 SEER or higher), insulation, and storm windows. Homes must meet minimum insulation levels for the heat pump loan and homeowners must have their credit approved by Central Electric. Newly constructed homes are not eligible. Contact Central Electric at 800-446-7752 to request a comfort loan application.
Who is eligible for financing?
- Members who have an active electric service account in their name and own their home and property.
- Homeowners of single family, duplex and triplex dwellings, and manufactured homes if the home is permanently installed.
- Members whose credit has been approved for the loan program.
How much can I borrow?
- A minimum loan is $1,000 for a heat pump and $500 for other improvements.
- $3,000 per home is available for improvements for insulation and storm windows.
- $7,500 per home is available for installation of a high efficiency heat pump.
What are the terms?
- Loans can be repaid over a period of 12 to 60 months with payments made through the homeowner's Central Electric residential service account.
- Minimum payment is $25 per month.
- A one-time service fee of 3% of loan amount or minimum of $105.00 will be applied.
USDA Single Family Housing Repair Loans & Grants
The United States Department of Agriculture (USDA) also has a loan program available to assist approved low- and -moderate income households make energy-efficient upgrades in their home. To qualify, you must own and occupy the home and have a family income below 50% of the area median income. The maximum loan amount is $20,000 with a fixed interest rate of 1% and repayment period of up to 20 years. Grants up to $7,500 are also available for individuals 62 and older. If you are interested in this federal program, contact our local USDA office at (919) 873-2000. USDA contact information can also be found here.
*Note: Central Electric does not administer this loan and is not affiliated with the USDA Single Family Housing Repair Loans & Grants Program. This is a federal loan and grant program that Central Electric members can take advantage of. If you have any questions about your eligibility or to apply for a loan or grant, please contact our local USDA office.
Water Heater Financing
Central Electric provides financing for heat pump water heaters 50 gallons or less and water heaters in lowboy and standard sizes ranging from 40 to 120 gallon sizes. The cooperative will finance the unit at a low interest rate for 1-2 years as a line item on your bill. In addition to financing, we also offer the convenience of installation by a licensed plumber. This service is available to those whose credit has been approved.