Choctaw Electric Cooperative Energy Efficient Loan Program

Choctaw Electric Cooperative
Energy Efficient Appliance Loan Program

On average, home appliances will account for about nine percent (9%) of your home’s total electric bill. If
you’re looking to cut energy use in your home, newer energy efficient ENERGY STAR appliances are the key and an important step in making your home more energy efficient.
Choctaw Electric Cooperative is offering an appliance loan program to assist you with purchasing ENERGY
STAR appliances.
Loan Eligibility:
      • Applicants must be a Choctaw Electric member for at least one year.
      • The member must be in good standing and have a prompt pay history with an A or B credit rating with
         the cooperative. The cooperative may obtain a credit report.
Application Process:
      • The member must complete the loan application and submit an appliance price sheet from the retailer
         where the appliance is to be purchased.
      • When the application is approved by the cooperative, the loan will be processed and advance of funds
         will be made.
      • The member will be required to sign a promissory note and an agreement that if full payment is not
         made on the electric bill, the loan payment will be deducted first.
 Loan Terms:
      • $250 to $1,000 8% interest Up to 12 months to finance
      • Over $1,000 to $2500 8% interest Up to 24 months to finance
 The monthly payment will be added to your electric bill. The due date of the first payment will be                          established by the Customer Service Department and dependent upon your billing cycle.
      • Appliances purchased must be Energy Star rated
      • Qualifying appliances: (all appliances must be electric)

           o Refrigerator
           o Dish Washer
           o Range
           o Oven
           o Cooktop
           o Freezer
           o Washer
           o Dryer
           o Water Heater
           o Other energy efficient items may be considered.
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