Energy Improvement Financing
Freeborn-Mower Cooperative Services (FMCS) is now offering its members Energy Improvement Financing. This financing consists of low-interest loans of $1,000-$5,000 to be borrowed over one to five years. The current interest rate is 4.5%.
The financing can be used for such energy improvements as new air conditioners, high-efficiency furnaces, electric boilers, plenum heaters, and air source or geothermal heat pumps. In addition, financing can be used for energy efficiency improvements such as insulation, weatherization, and external doors or windows.
The following steps illustrate how the program works ...
- Member contacts FMCS to get loan application.
- Member obtains a written quote for the improvement/equipment.
- Member completes and returns application, along with loan origination fee of $50, and a copy of the contractor's quote to FMCS.
- FMCS reviews member application.
- FMCS contacts member to let them know if their loan has been approved.
- Member purchases equipment and/or has contractor make installation (s).
- FMCS contacts member when loan check is ready.
- Member picks up loan check and signs promissory note.
- Member pays for equipment and/or installation.
- Member pays off loan on a monthly basis.
If you have questions on this, or any of our energy services programs, please contact us at (507) 373-6421.