Heat Pump Financing
Need a new heat pump? Why not finance a new energy efficient heat pump with SVEC and the payment can be added right on to your monthly electric statement²? We'll even finance it at a low 6% interest rate for up to 10 years¹ and with no down payment for qualified residential members. Ready to get started?
1. First, fill-out an application for the heat pump loan (below) and the "Agreement to Participate" and take both by your local office. We'll need to see your driver's license or photo ID while you're there (and your co-signer, if you use one).
2. Sign-up for eScore. eScore is a residential energy efficiency program that provides single-family homeowners with a clear path to make your home a 10 – its most energy efficient. The eScore program helps you to increase your home's comfort, saves you money on energy bills and provides rebates on some home improvements, like an energy efficient heat pump. Go to www.2escore.com to sign-up, or contact our energy specialist.
3. If approved, it's time to get started with a contractor. We do recommend getting more than one estimate from a SVEC/TVA Quality Contractor (you are required to use a member of the SVEC/TVA Quality Contractor Network).
4. We'll need you to sign loan documents and check the heat pump to make sure it's it good working order and installed correctly.
5. If the heat pump qualifies for a rebate through the eScore program, a check will be mailed to you in the following weeks.
So get an new, energy-efficient heat pump, add the payment to your electric bill at a low interest rate, and earn a rebate - it's WIN-WIN-WIN!
Heat Pump Information available for download
SVEC Financing Facts
Steps to Obtaining an Electric Heat Pump Loan from SVEC
The SVEC heat pump financing program includes heat pumps and the labor associated with their installation.
¹Annual Percentage Rates (APRs) were effective as of 7/1/2015 and may change at any time without notice. Loans with equipment can be financed up to 120 months (10 years). All loans are subject to credit approval. The APR is 6% for loans with HVAC equipment meeting ENERGY STAR criteria.
For a loan of $10,000 over 120 months, with APR of 6% (ENERGY STAR HVAC) the monthly payment would be $112.02 with a final payment of $110.47.
²Fees due prior to loan closing include applicable fees to obtain a lien against the property where the improvements are installed and to inspect installations.
This program is financially assisted by the Tennessee Valley Authority and is offered on a non-discriminatory basis, without regard to race, color, national origin, age, sex, or disability.