Member Financing

Red Lake Electric Cooperative offers loans for various electric technologies.

A young woman in an orange shirt smiling while using a calculator
Red Lake Electric Cooperative offers a loan program to member-owners of the cooperative. To qualify, certain conditions must be met. RLEC member-owners must complete IRS form W-9 and be current on all accounts with Red Lake Electric.
red lake electric loan application
Qualifying Loans:
An air-source heat pump outside a home with green grass and trees
electric heating system
Both electric heating and automatic backup systems are eligible for financing in both new and existing structures, including heat pumps of all types. Loans may be made for the installation of backup heating systems where the member already has an off-peak electric system but needs an automatic backup system. Only automatic backup heating systems are eligible and only if the off-peak electric system they are backing up is coded in a “long-term” control category.
A home at night time with a generator in front of it
automatic standby generators
Loans may be made for automatic standby generators.
Showerhead with water running
Water heaters
Loans may be made for electric water heaters.
Conditions:
Loan options (interest rate and down payment):
The maximum loan amortization period is five (5) years.

Payments will be applied to energy bill monthly.
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