Thank you for your interest in our Energy Resources Conservation (ERC) loan program.

Please contact Sharon at Riverland Energy Cooperative for more information about this program. Our telephone number is 1-800-411-9115. You will need to fill out a credit application and a specifications and work completion certificate before your application can be submitted.

After we have reviewed these two documents, you will be notified if the loan is approved. If the loan is approved, you must complete the authorized work and provide an invoice as evidence of completion. Along with the invoice, we require a legal description of your property for filing purposes.

This process takes about seven days. At that time, a representative from the cooperative will make an inspection of the completed work and the check will be issued.

Riverland Energy Cooperative shall make available to all cooperative members the ERC loans subject to the following requirements:

1. Loans shall be available to finance the cost of materials and labor for:
   • Caulking
   • Weather stripping
   • Ceiling insulation
   • Wall insulation
   • Floor insulation
   • Duct or pipe insulation
   • Water heater insulation
   • Storm or thermal windows and doors
   • Clock or setback thermostats
   • Attic ventilation fans
   • Devices that reduce the maximum kilowatt demand on the cooperative's electric system and are coordinated with the electric system which shall include dual fuel.
   • Heat pumps and water heaters which reduce consumption of electricity.
   • Heat pumps, water heaters, central heating and air conditioning used for dual fuel installations.
2. ERC loans will not be provided to refinance existing obligations. ERC loans cannot be used for dual fuel or ground water heat pumps in new construction.
3. Loans can be made to both owner and renters of structures receiving electric service. The landlord shall cosign loans of renters.
4. The interest rate shall be 7 1/2 percent per annum on the unpaid balance of the loan. The loans may be amortized up to 60 months. There shall be no penalties for prepayment of principal.
5. Loans shall not exceed $2,000.00 or ninety percent of the actual material and labor cost, whichever is less; except that loans for equipotential planes in dairy barns, farm and home wiring, and ground water heat pumps shall not exceed $5,000.00 or 90% of actual cost.
6. If member installs the materials, the loan shall be limited to the financing of materials.
7. Members shall be credit worthy to be eligible for loan financing of energy conservation projects.
8. The loan note shall be secured by the structure and property and any default in payments shall -
   • Allow the cooperative to exercise an option to declare entire balance due and payable.
   • Member agrees to pay collection costs and attorney's fees equal to 15 percent of unpaid balance, but not less than $10.00.
   • Any payment not paid within ten days of its due date is subject to a late charge of 1% of the balance.
9. Loan amount shall be paid after work is completed satisfactorily and with supporting documentation provided.
10. An energy audit must be performed for any installations of heat pumps, water heaters or central heating installations.
11. Loan funds shall be available on a first come, first served basis. Approved loans shall be available for six months. After six months, the member must reapply.
12. Repayment of loans shall be done as a monthly charge on the light bill. Amounts paid on the light bill shall be credited to the loan account first.
13. All ERC loans will require the legal description as it appears recorded on the warranty deed before loan papers will be processed.