Lake Region Electric Cooperative has joined with National Cooperative Bank (NCB) to help expand member access to our home energy products and services. Through the effort, residential members are able to finance their purchase of home energy products with a loan from NCB. These loans are available to LREC members interested in products such as GoWest Solar, standby generators, geothermal installations, or even home efficiency projects such as window upgrades and insulation. This provides a flexible option for members to spread their investment cost over multiple years instead of having 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. If you have any questions related to LREC products, please contact our Energy Management Specialists at (800) 552-7658.
Tel: (866) 499-3517
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, 10, and 15 year fixed home equity loans for our electric co-op members. The minimum loan amount is $10,000 and you can finance up to 100% of the project cost - as long as the maximum combined loan to value (for your first mortgage and the home equity loan) does not exceed 80% of your home’s appraised value.
Interest rates vary based upon the term and individual credit, but rates are very competitive. If you would like to get check rates, please visit www.ncb.coop/homeenergy or call NCB’s Brittney Baldwin at (866) 499-3517.
How do I apply?
You can easily apply online at www.ncb.coop/homeenergy. You can also call Brittney Baldwin at (866) 499-3517.
What can I finance?
You can finance home energy upgrades, including the installation of solar panels at/on your home, energy efficient appliances, HVAC units, geothermal units, windows, and back up generators.
What are the fees?
The bank charges an origination fee of $150 and there are third party fees such as the home valuation report, credit report and settlement costs. These can be rolled into the loan amount or paid upfront.
How long does the process take?
Typically the process takes between 30-45 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 5-15 years allowing you to enjoy low, fixed payments over the long term with minimal upfront fees.