Heat Pump Loans

Heat Pumps:

We've taken the sweat out of purchasing an electric heat pump with affordable financing, including no money down and a free inspection. With an electric heat pump, you'll have much more than a comfortable place to live. By utilizing a member of our quality contractors network, who has met certain criteria and standards with a proven track record of successful installations, you'll have peace of mind.

The application must be complete in person by the account holder and takes just a couple of minutes.  If you are married, your spouse will be required to be present as well.  Members will need to  provide a copy of the deed and driver licenses of applicants at the time of application.  A $45.00 non-refundable filing fee will be required at this time as well.  After submission, approval or decline is normally received within 24 hours.   If the member's credit score is within the acceptable limit and the member has never been cut out for non-payment or been delinquent more than 3 times in the prior 12 months, they qualify for the financing program. The interest rate on heat pump financing is set at six percent (6%) if you install a unit that has at least a 15 SEER efficiency rating.  The repayment schedule is 10 years, and the payments are added to your current electric bill.  However, there is no penalty for early payoff or additional monthly payments to the principle.  To print out an application or submit one electronically, please click here.

After notification of approval, members should contact contractors for estimates.  Upon selection, the member sets up an appointment with the contractor for an installation date.

Only residential customers who have maintained service for a minimum of twelve months at the requested location are eligible to apply.  The member name on the electric bill must be listed on the deed to the property as well.  Married couples must include both individuals on the loan application, UCC-1 agreement, participation agreement and repayment agreement.

 

To view a list of the TVA Certified Contractors, please click here.