Red River Valley Co-op Power offers two loans for members interested in installing or maintaining an off-peak system or looking to complete energy efficient upgrades to their home:
- Off-peak Heating Loan of up to $5,000 at 5% interest for a repayment period of up to 5 years. This money is available for the addition of new off-peak electric heat, including wiring expenses and other related costs, or the installation or replacement of a back-up heating system for off-peak.
- Energy Conservation Loan of up to $2,500 at 5% interest for a repayment period of up to 5 years. This money is available for energy saving measures such as re-insulating, caulking, weather stripping, and replacement storm doors and windows.
You may pay a contractor for his labor but if you do the work yourself, you can borrow only the cost of the materials. You are not permitted to refinance an existing loan.
Red River Co-op will file a second mortgage on your real estate as security for any loan over $300. If you are renting the property or purchasing it on a Contract for Deed, the second mortgage document must be signed by all parties that have ownership interest in the property.
The following steps are necessary to complete your loan:
Fill out the loan application PDF below and return it to Red River Valley Co-op Power.
Your application will be evaluated based on the information you provide and a report we will request from a credit bureau. We reserve the right to refuse credit.
If your loan is approved, you will receive a letter of intent from the cooperative.
Have the work completed by your contractor and provide the cooperative with itemized bills or receipts showing the work that has been completed.
The cooperative will draw up loan papers including: ( a ) a right of rescission which allows you to cancel the loan within 3 days; ( b ) a loan disclaimer/disclosure form showing the principal, payments, interest, etc.; ( c ) a promissory note; and, ( d ) a mortgage form which offers your real estate as security for the loan.
A $50 origination cost can be added to the total loan amount or paid separately in advance.
The cooperative will have your mortgage recorded at your county recorder’s office.
A check for the total loan amount will be issued upon completion of your project.
You begin monthly loan payments including interest and principal, according to loan disclaimer/disclosure form.
Please print and complete the application and return it to Red River’s office. If you have questions, please call 800-788-7784.