Energy Efficiency Loans

• Must be an active member of NWEC

• Must be in good standing with the cooperative (cannot have paid any electric bill associated with the member later than the 20th in the past 18 months - bills are due the 10th of each month).

• Must complete the request for the loan before the work is done/anything is installed.

• Must be proposing an efficient improvement that is outlined in the ERC loan policy, or has been approved by contact with an NWEC employee.

This list is not meant to be all inclusive, if you have questions please give us a call at 580-256-7425.

• Caulking

• Weatherstripping

• Heat Pump Systems* (when the primary source of heat is electric, cannot loan on propane or natural gas systems)

• Electric Water Heater

• Central heating/cooling system (replacements and modifications)

• Ceiling, wall, floor, duct, pipe, and/or electric water heater insulation

• Storm windows

• Storm and thermal doors

• Attic ventilation fans

• Motor starting equipment - variable frequency drives (VFD) and soft starts

See policy for full list or any clarification.

ERC loans to finance the cost of heat pumps and electric central heating and air conditioning will be limited to $10,000 or 80% of cost with amortization not to exceed 84 months. (For example: if you received a quote for a new air source heat pump unit for $10,000, NWEC would cover $8,000).

All other loans will not exceed $5,000 or 80% of total cost with amortization not to exceed 60 months.

*Members cannot exceed more than one loan at a time.

The interest rate for the loan will be based on the current prime rate at the time the loan is issued, however, the rate will not exceed 5% per annum on the unpaid balance of the loan.

Monthly statements will be mailed to the member and are due by the 10th.

ERC loans are due by the 10th each month, but are mailed and paid separately from your regular NWEC electric bill.

1. Give NWEC a call at 580-256-7425. We will pull up your account to confirm you are in good standing with the co-op (have not paid past the 20th in the last 18 months) and can confirm whether the efficient measure you are looking to complete will qualify, and is the best course of action to help lower your electric use.

2. Reach out to numerous contractors to get quotes for the work you would like done.

3. Present NWEC with the final quote you choose. For loans less than $5,000 NWEC will get back with you immediately to let you know if everything is approved and how to move forward.

   Loans in excess of $5,000 must be approved by the board of directors at the next regular board meeting. NWEC board meetings are the fourth Wednesday of the month. We will take this quote and your co-op history sheet and present the information to the board of directors for approval.

4. Once approved, NWEC will draft up the loan paperwork including the full amount to be paid, interest, monthly payment, and agreement documents to be signed by the member(s). Member will need to come to the co-op headquarters in Woodward to sign these.

5. Once the quote and loan have been approved and the documents signed, then NWEC will make out a check to the member and the contractor and will either hold the check at the co-op to be picked up by the member, or will mail the check directly to the member or contractor based on the member's instruction.

6. For measures that qualify for a rebate (heat pump systems or water heaters), NWEC will require the member to complete the proper rebate form and take photos of the old and new unit installed before a check can be issued for that as well. Rebate checks completed during the ERC loan process can also be mailed directly to the contractor or used as a loan payment if the member requests.

7. After the check has been printed/mailed then you are officially an ERC loan user. You will receive monthly statements that will be due by the 10th each month.