Central Electric Cooperative - Solar Water Heater Loan

Summary

Central Electric Cooperative (CEC) customers with electric water heating are eligible for a low-interest loan through the CEC's lending partner, The Bank of the Cascades. Unsecured loans for 100% of the system cost up to $5,000 are financed at the current prime rate. Loan terms can be up to five years. Costs exceeding $5,000 are financed at 2% above prime. There is no loan fee and no penalty for early payment. In order for installations to be eligible for the loan, customers must select a CEC-approved installer, and submit an application. Work cannot begin until CEC has approved the application. In order to secure a loan, customers must contact the downtown Redmond branch of the Bank of the Cascades for loan approval. Instead of a loan, CEC customers can apply for a $500 solar water heating cash rebate. A customer cannot apply for both the rebate and the low-interest loan.