First Electric Cooperative - Home Improvement Loans

Last updated: May 08, 2019

Program Overview

Implementing Sector:Utility
Category:Financial Incentive
State:Arkansas
Incentive Type:Loan Program
Web Site:http://www.firstelectric.coop/products-and-services/home-improvement-loans
Administrator:First Electric Cooperative
Utilities:First Electric Coop Corp
Eligible Renewable/Other Technologies:Geothermal Heat Pumps
Eligible Efficiency Technologies:Water Heaters, Heat pumps, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Doors, Other EE
Maximum Loan:$500- $15,000
Loan Term:Rate: 5.25% fixed Repayment: 12 to 60 months
Interest Rate:Fixed interest rate, No pre-payment penalty.

Summary

First Electric Cooperative, a Touchstone Energy® Cooperative, serves over 85,000 member accounts throughout parts of seventeen counties in central and southeast Arkansas. The Home Improvement Loan Program allows members to borrow between $500 and $15,000 for energy efficiency home improvements associated with heat pumps, First Electric products and portable home generators. Loan repayments can be included in your monthly electric bill. 

For loans under $2500, there is a filing fee of $20; for loans over $2,500, the fee is $60. Only single-family primary residences served by FECC are eligible. Loans between $500 and $2,500 are secured with an equipment lien, and loans over $2500 are secured with a property mortgage and equipment lien.  Loan program applications, specific program details, and a list of approved dealers are available on the program website.

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