Red Lake Electric Cooperative, Inc. offers a loan program to member/owners of the cooperative.  To qualify, certain conditions must be met.  RLEC member/owners who qualify by completing IRS form W-9 and current on all accounts with Red Lake Electric.

Qualifying Loans:

  • Electric Heating System. Both electric heating and automatic backup systems are eligible for financing in both new and existing structures, this includes 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 back up heating systems are eligible and only if the off peak electric system they are backing up is coded in a “long term” control category.
  • Automatic Standby Generators. Loans may be made for automatic standby generators.
  • Water Heaters. Loans may be made for electric water heaters.

Conditions:

The loan is for a qualified Red Lake Electric member/owner for their home or shop located on Red Lake Electric electric lines. The member must be current on all accounts with Red Lake Electric to obtain this loan. The equipment must be purchased from Red Lake Electric Cooperative.

Outstanding loans are payable in full upon termination of electric service for any reason, change of electric supplier, and sale or change of residence.

Loan Options:

Interest Rate & Down Payment:

  • Option 1) The interest rate will be five (5%) with a 20% down payment
  • Option 2) The interest rate will be zero (0%) with a 50% down payment

The maximum loan amortization period is five (5) years.

Payments will be applied to energy bill monthly.

Click here: Red Lake Electric Loan Application