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:
- Member contacts FMEC to get loan application.
- Member obtains a written quote for the improvement/equipment.
- Member completes and returns application, along with loan origination fee of $50, and a copy of the contractor's quote to FMEC.
- FMEC reviews member application.
- FMEC contacts member to let them know if their loan has been approved.
- Member purchases equipment and/or has contractor make installation (s).
- FMEC contacts member when loan check is ready.
- Member picks up loan check and signs promissory note.
- Member pays for equipment and/or installation.
- Member pays off loan on a monthly basis.
For further questions, please contact our office at (507) 373-6421.