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Loan Program

Residential members who want to update their homes are able to finance their purchase of home energy products with a loan from National Cooperative Bank (NCB). We’ve worked together with NCB to expand member access to our home energy products and services. These loans are available to EIEC members interested in products such as standby generators, geothermal installations, or home energy efficiency projects like insulation.

This provides a flexible option for members to spread their investment cost over multiple years instead of needing to make an up-front cash payment in order to participate and enjoy the benefits of these offerings.

Questions about the loans can be directed to Brittney Baldwin at (866) 499-3517 or BBaldwin@ncb.coop. If you have any questions related to EIEC products, please contact us at (800) 824-5102.

APPLY FOR HOME ENERGY FINANCING TODAY!

Loans are available for:

  • Geothermal Heating and Cooling
  • Air-Source Heat Pumps
  • Standby Generators
  • Electric Vehicle (EV) Chargers
  • Energy Efficiency Measures

Unsecured Consumer Loan*

  • Loan Amount: $3,000 to $30,000
  • Loan Term: 5 to 8 years (not to exceed useful life of asset)
  • Interest Rate: Fixed rate
  • Total Financing Available: 100 percent of project costs
  • Application Fee: N/A
  • Loan Funding: 100 percent paid directly to consumer

Secured Consumer Loan*

  • Loan Amount: $30,001 to $100,000
  • Loan Term: 5 to 8 years (not to exceed useful life of asset)
  • Interest Rate: Fixed rate
  • Total Financing Available: 100 percent of project costs
  • Application Fee: $150; non-refundable due at closing
  • Collateral: UCC Filing on energy equipment
  • Loan Funding: 100 percent paid directly to consumer

*Certain restrictions apply.  All products offered are subject to National Cooperative Bank, N.A. guidelines.
Banking products and services provided by National Cooperative Bank, N.A. Member FDIC. NCB NMLS#422343.

Start Your Application Now

FREQUENTLY ASKED QUESTIONS

I am interested in financing my energy project, can you tell me about the loan products?

We have a program with National Cooperative Bank (NCB) in providing 5-8 year secured and unsecured loans for our electric co-op members. The minimum loan amount is $3,000 and you can finance up to 100% of the project cost. Interest rates vary based upon the term and individual credit, but rates are very competitive. If you would like to get check rates, please call NCB’s Brittney Baldwin at (866) 499-3517.

How do I apply?

You can easily apply online at www.ncb.coop/consumerenergy. You can also contact Brittney Baldwin at (866) 499-3517 or BBaldwin@ncb.coop.

What can I finance?

You can finance standby generators, geothermal systems, air-source heat pumps, and home energy efficiency upgrades.

What are the fees?

There is no application fee for an unsecured loan ($3,000 to $30,000). The bank charges an origination fee of $150 for a secured loan ($30,001 to $100,000) that is due at closing.

How long does the process take?

Typically the process takes between 3-5 days and that depends on making sure you provide all the documentation to National Cooperative Bank.

How do I pay my loan bill?

The bill for your loan with NCB will be mailed directly to you on a monthly basis. You can pay your loan electronically via ACH or wire, or via regular check.

Why should I finance with National Cooperative Bank?

National Cooperative Bank has designed a program for residential members of Electric Cooperatives based on its experience with consumer and energy finance. You, as our consumer-member, get the best of both – a bank that knows the business combined with a personal commitment and connection to the customers it serves. Applying is easy and can be done via telephone or securely online. NCB’s product offers terms from 5-8 years allowing you to enjoy low, fixed payments over the long term with minimal upfront fees.

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330 W. Ottawa
PO Box 96
Paxton, IL 60957

Toll-free: (800) 824-5102

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  • Home
  • My Account
    • Account Information
      • Start/Stop Electric Service
      • SmartHub Account Portal
      • Capital Credits
      • Contact Us
    • Billing Information
      • Payment Options
      • Rates & Regulations
      • Understanding your Bill
      • PrePaid Advantage Program
      • Bill Payment Assistance
    • Outage Information
      • Outage Information
      • Outage Map
  • My Cooperative
    • News and Events
      • News
      • Publications
      • Annual Meeting
      • Annual Reports
      • Co-ops Vote
    • About EIEC
      • About Us
      • Board of Directors
      • Employees
      • Service Territory
      • Employment
    • Co-op Information
      • What Makes Co-ops Different?
      • Power Supply
      • Governance
      • Touchstone Energy
  • My Community
    • Community Involvement
      • Empowering Education Grant Program
      • Co-op Connections
      • Request a Speaker
      • Sharing Success Program
      • Grassroots Advocacy
    • Youth Programs
      • Youth to Washington Program
      • School Presentations
      • IEC Scholarship Program
  • Energy Solutions
    • Save Money
      • Energy Efficiency
      • Together We Save
      • Geothermal Heat Pumps
      • Insulation
      • Request an Energy Evaluation
      • Savings Calculators
    • Energy Programs
      • Business Development
      • Standby Generators
      • Electric Vehicles
      • Loan Program
    • Renewable Energy
      • General Information
      • Net Metering
      • Qualifying Facilities
  • Safety
    • Standby Generators
    • Call Before You Dig
    • Safety Tips
    • Storm Safety
    • Safety Quiz
    • Outdoor Lighting