Electric Car Financing

Once a rare sight on the roadways, electric cars are continually growing in popularity as a means of transportation.

NOTE: In order to qualify for our electric car finanacing, you must be an electric member of Illinois Electric Cooperative. Therefore, Illinois Electric Cooperative must be your electric supplier. We are an electric cooperative in west central Illinois primarily serving Morgan, Scott, Pike, Greene, and Calhoun Counties.

Increased battery life, decreased carbon footprint, and higher driving efficiency are just a few of the reasons many drivers have made the switch. 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.

Beginning on June 1st, Illinois Rural Electric Cooperative will enable electric members to finance the purchase of an electric car, as well as the charger and installation. The terms for financing are a half of a percent interest over 60 months.

Additionally, a special rate of five cents per kilowatt-hour will be offered between the hours of 11 p.m. and 7 a.m. The loan payment as well as the electric usage of the car will be included with the member’s monthly bill.

The process: First, members interested in financing the purchase of an electric car through the co-op must be approved through a simple credit check over-the-phone. Next, the co-op will have a field engineer and approved electrician give you a call to set up a time for the installation of a second meter and car charger.

During this time, the member can search for the electric car of his or her choice. After finding the desired car, the dealership will contact the co-op for an arrangement for paperwork. The co-op has no preferred
dealerships for purchasing an electric car.

There is a five dollar per month meter charge for the second meter. A second meter is necessary to take advantage of the special five cent kilowatt-hour rate.

If you have any questions about the program, please give us a call and one of our customer service representatives would be happy to answer them. We also have some frequently asked questions and more information here.