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Financing

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  1. SERVICES
  2. ENERGY SERVICES
  3. Financing
  4. Financing

Beneficial Electrification Improvement Financing Policy 4.004
FMEC Consumer Loan

Beneficial Electrification Financing

Freeborn Mower Electric Cooperative offers its members, Beneficial Electrification Financing. This financing consists of low-interest loans of $1,000-$7,500 to be borrowed over two to five years. The interest rate will be the current Prime Rate as published at the time of the loan application. 

The financing can be used to provide financial assistance in the form of low-cost loans to its members for the purpose of installing energy-efficient electric HVAC equipment, electric water heating equipment, insulation, windows, doors, permanent standby generators, whole house battery backup, electric vehicle charging equipment and Energy Star electrical appliances.  Other energy-efficient residential upgrades may be determined appropriate for this loan program at the discretion of the Chief Executive Officer (CEO) or his appointees. 

The following steps illustrate how the program works: 

  1. Member contacts FMEC to get loan application.
  2. Member obtains a written quote for the improvement/equipment.
  3. Member completes and returns application, along with loan origination fee of $50, and a copy of the contractor's quote to FMEC.
  4. FMEC reviews member application.
  5. FMEC contacts member to let them know if their loan has been approved.
  6. Member purchases equipment and/or has contractor make installation (s).
  7. FMEC contacts member when loan check is ready.
  8. Member picks up loan check and signs promissory note.
  9. Member pays for equipment and/or installation.
  10. Member pays off loan on a monthly basis.

For further questions, please contact our office at (507) 373-6421.

 

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OUR OFFICE WILL BE CLOSED THE FOLLOWING HOLIDAYS:
Memorial Day Observed Monday, May 31, 2021
Independence Day  Monday, July 5. 2021
Labor Day  Monday, September 6, 2021
Thanksgiving Thursday, November 25, 2021
Thanksgiving (Day After)  Friday, November 26, 2021
Christmas Eve Day Thursday, December 23, 2021 (Observance of Christmas Eve) 
Christmas Day Friday, December 24, 2021 (Observance of Christmas Day) 

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©2021 Freeborn Mower Electric Cooperative. All Rights Reserved.

  • COMMUNITY
    • Links
    • Member Engagement Group
    • Northland Connect - Internet
    • Operation Round Up
    • Youth Tour
    • Scholarships
    • POLITICAL ACTION
      • Cooperative Action Network
      • Co-op Vote
      • Team Up For Action
      • ACRE: Co-op Owners for Political Action
  • OUTAGE INFO
    • Power Outages
    • Outage Center
  • REBATES
    • Rebates
  • MY COOPERATIVE
    • Annual Meeting
    • About Touchstone Energy
    • Careers
    • Capital Credits
    • Contact Us
    • Heartland Security
    • History
    • New Facility Project
    • Privacy Notice
    • Statement of Non-Discrimination
    • About Us
    • Bylaws and Articles
    • BOARD OF DIRECTORS
      • Director Elections
      • Electronic Voting
      • Your Board of Directors
    • NEWS & INFO
      • News
      • Newsletter
    • SAFETY
      • Electric Safety
      • Safety Demonstration
      • Farm Safety
      • Downed Power Lines
      • Safety Quiz
  • SERVICES
    • ELECTRIC SERVICE
      • Line Clearance
      • Service Upgrade & Relocation
      • Call Before Digging
      • Vegetation Management
      • Who's Responsible?
    • ENERGY SERVICES
      • Energy Audits
        • Home Energy Audit
        • Farm Energy Estimator
        • Touchstone Energy Guide
        • Links & Tools
      • Special Rates
        • About Special Rates
      • Compare Fuels
      • Financing
      • Energy Saving Guides
      • Electric Vehicle
      • Summer Shift
      • RENEWABLES
        • Evergreen Program
        • Interconnection Information
        • Utility Scale Solar
      • Load Control - C & I
      • Load Control - Residential
    • MEMBER SERVICES
      • New Member
      • Billing & Usage
      • Energy Assistance
      • Update Your Contact Information
      • Payment Options
        • Automatic Bill Payment FAQs
      • Bill Inserts
      • Outdoor Area Lighting
      • FORMS
        • Online Forms
        • Downloadable Information
      • Military Disconnection Protection