It is CPI’s electric cooperative mission to provide safe, reliable and affordable power to its members. However, due to circumstances out of our control occasional power outages can occur. Backup generation systems can help provide peace of mind should such an outage occur. CPI is now able to offer our members a financing option when choosing to purchase a permanently installed backup generation system. CPI does not sell generator systems or arrange for any of the installation or electrical work.
How does the process work?
You will need to find an electrician as well as a source for your generator and its fuel. An electrician will help you decide what size generator you need. You will also need to decide what kind of fuel source your generator will use. Here are the steps to participate in CPI’s backup generator loan program:
- Hire a contractor to give you generator and electrical work quotes for your desired generator system.
- Give CPI a call to see if your credit history is in good standing. Call us at 800-872-9036.
- Send in the quotes for the generator, electrical work, and fuel setup fees for the project. We will review the information and notify you of pre-loan authorization.
- Backup generator project can begin.
- Once the project is completed send in the final invoices for all work done. CPI will then remit loan payment to either the member or contractor depending on your arrangements.
- Monthly loan payments will begin on the next bill.
What are the loan terms?
- Member must have been in good credit standing with the cooperative for the last two years.
- Loans can be for any amount up to a maximum of $10,000.
- Loan length will be for a five year period and will be an addition to your monthly bill. Loans can be paid off early with no penalty.
- Interest amount will vary depending on market rates. Interest rates are fixed at time of contract signing.
For any further questions or to pre-qualify for backup generator financing please contact us at 800-872-9036 or by email at email@example.com.