Solar & Battery Regulation & Incentive Programs

Stearns Electric Association - Energy Efficiency Loan Program

Program Overview


Category:
Financial Incentive
Program Type:
Loan Program
Implementing Sector:
Utility
State:
Minnesota
Eligible Storage Technologies:
Equipment Insulation, Water Heaters, Heat pumps, Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Doors
Website:
https://www.stearnselectric.org/programs-services/efficiency-loan/
Maximum Loan:
$5,000
Loan Term:
$1,000: 20 months repayment
$2,000: 40 months repayment
$3,000: 60 months repayment
$4,000: 60 months repayment
$5,000: 60 months repayment
Interest Rate:
5%
Administrator:
Stearns Electric Association
Applicable Sectors:
Commercial, Residential, Agricultural
Utility:
Stearns Cooperative Elec Assn
Last Updated:
06/03/2019

Summary

Stearns Electric Association, through a program offered by Rural Utilities Services, offers its members low-interest Energy Resource Conservation (ERC) loans. The complete cost of making approved energy conservation improvements may be eligible for financing with an ERC loan at 5% interest. Up to $5,000 for qualifying improvements to homes, businesses, or agricultural buildings at least one year old. The maximum repayment schedule is set at 60 months. Financed improvements to a residence must meet the criteria as outlined by the ERC loan program guidelines. Related costs for materials, equipment, and labor (if done by a contractor) are all eligible for financing. This includes the expenses for electrical wiring, the heating equipment, and/or duct work. A list of eligible measures can be found on the program application form located on the program web site. When applications are completed, return them to the St. Cloud office.