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Electric co-op members can finance an electric car for ZERO.5% interest over 60 months!

Increased battery life, decreased carbon footprint, and higher driving efficiency are just a few of the reasons more people are making the switch to electric cars. In fact, according to a report from GreenCarReports.com, plug-in electric car sales increased from just 17,500 in 2011 to 96,000 in 2013. 

 

The Process

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The process for financing an electric car is simple. First, call in and speak with one of our member service representatives. They will be happy to answer an questions regarding electric cars and financing. If you decide to proceed, we will run a credit check over the phone. This will only take a minute.

Next, we will fill out a form with your  information and Seth Bushnell, Manager of Finance, will give you call. From there we will setup an appointment for a co-op field engineer to meet with you as well as electrician. This is for the install of the second meter and electric car charger.

During this time, you may look for the electric car that you wish to purchase. After finding the desired car, the dealership will contact the co-op for arrangement of paperwork. 

 

FAQ

What is the cost of an electric car?

They vary depending on miles per gallon equivalency and model, but they start around $20,000.

How much will it cost me on my power bill?

We will install a new meter with a special electric rate. That meter carries a $5 a month minimum charge.  ($15-35 per month for electric) This does not include cost of car.

When can I charge the car?

To receive the electric car rate of 5 cents a kWh, the car must be charged during off-peak time, which is 11pm – 7am. If charged during on-peak time, 7am – 11pm, the charge will be 8.5 cents a kWh.

Where can I buy an electric car?

The co-op has no preferred dealership. Many dealerships sell electric cars.

How do I pay the payment for the car?

The loan amount and electric usage will be included on your monthly bill.

What if I decide I don’t want the car anymore?

This works just like a standard car loan, Illinois Rural Electric Cooperative simply takes the place of the creditor. The member is still responsible for the amount owed toward the car.

Do you cover the cost of repairs?

No, the co-op does not have cover any cost of repairs.

How many miles does an electric car go?

This varies depending on model. Visit our website for a list of resources including the estimated mileage of electric cars.

Are there any tax credits for electric cars?

Yes, there are federal tax credits available in most instances.  Please consult the dealer or tax professional for more information.

Do hybrid cars qualify for the electric car program?

It must be a plug-in hybrid.

Is there a monthly minimum charge for an electric car?

Yes, there is a $5 monthly meter charge.

How much does a charger cost?

For the meter, charger, and installation we estimate the cost at $1,500 and $3,500. If you would like to have the charger installed yourself, the meter is $400.

What needs to be done at my house?

If you go through us for the installation, we will have an approved contractor and field engineer contact you to come out to your residence for a site inspection and installation.

Do I need a second meter?

Yes, to receive the electric car kWh rate, a second meter does need to be installed. 

Do I have to have a garage?

No, the chargers are approved for all weather conditions.

Who installs the meter?

A cooperative serviceman.

Who installs the charger?

An approved contractor from the area.

 

 


 

Useful Links:

http://www.fueleconomy.gov/feg/taxcenter.shtml

http://www.fueleconomy.gov/feg/evtech.shtml

https://energy.gov/eere/electricvehicles/find-electric-vehicle-models