Loan Program

Highlights of Saint John Energy's Loan Program

Loans are available for up to a maximum of $3,500

Payment terms are 1 to 5 years

Competitive Interest Rate - 9.50% effective Jan 1, 2008 and revised quarterly

Loans are currently available for electrical upgrades (i.e. panels, wiring, baseboard, etc.)

A quote on the work to be performed is required prior to the processing of electrical loan applications For further information, or to apply for a loan, please contact our Consumer Products Department.

Saint John Energy Loan Program - Details

Saint John Energy's loan program provides financing, to a maximum of 60 months, for basic electrical upgrades to home and business owners provided they are also a resident of said premises.

Eligible Work and Materials: (re: Electrical Improvement - $3,500 maximum)

Purchase and installation of wiring improvement, conversions to electric space heating or electric water heating, installation of electric pool heating. All material and equipment must be permanently installed. The list of eligible material will be reviewed on an annual basis.

Eligible Premises:

Premises must be at least one year old, located in the City of Saint John and owned by the applicant.

Mixed-use buildings (stores and apartments) qualify for one Saint John Energy loan for the structure.

Eligible Applicants:

Customers are eligible if you are a resident of the City of Saint John and have established a satisfactory payment history with Saint John Energy (payment consistently on or before the due date).

Interest rates are fixed for the term of the loan, with a maximum repayment period of sixty months and a minimum monthly payment of $25.00.

Loans can be repaid at any time without penalty.

Interest rates are set each quarter and are based on the prime rate at Saint John Energy's bank, plus a percentage mark-up for overhead.

Only one outstanding loan is permitted at a time and repayment in full is required should the property in question have a transfer of ownership.