Three Rivers Electric Cooperative - GSHP Loan
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Ground source heat pumps are the most energy efficient heating and cooling systems available. While the initial cost of installation is higher than other systems, the monthly cost of operation is much lower. To assist members with installing a ground source heat pump, Three Rivers developed a loan program and offers a rebate.
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Geothermal Heat Pump Loan Procedures for members of
Three Rivers Electric Cooperative
Eligibility:
- Only individual members are eligible for the loan program. Businesses or corporations do not qualify.
- Members shall make an initial application to Three Rivers Electric Cooperative to be eligible and to obtain loan program details.
- Members must have the ground source heat pump properly sized and subsequently inspected by an employee of Three Rivers Electric Cooperative to be eligible to receive loan funds.
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Application:
- Members shall complete a loan application provided at an approved depository or one of its branch facilities. Applications may be obtained at the Cooperative or at a lending institution. At the present time, only Legends Bank and its branch facilities are approved lending facilities.
- Both Three Rivers Electric Cooperative and the lending institution must approve the application before loan funds are advanced.
- Applications for loan funds may not exceed $5,000 on the first unit and $2,500 on each additional unit.
- Upon approval for loan funds, the bank shall file a deed of trust at the appropriate agency.
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If you would like more information, contact Marketing and Technical Services at 573-897-2251 or send an e-mail to vlange@threeriverselectric.com.
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