Heat Pump Financing FAQs
How much will the monthly payments be?
Payment amounts will depend on the amount financed. Our interest rate is 7% and the term is 120 months (10 years).Once you have a quote, go to our payment schedule to view payment amounts in $500 increments, from $2500 (minimum loan amount) to $15,000 (maximum loan amount when financing 2 units.)
Who can apply for a heat pump loan?
Applicants must have an SVEC account with a satisfactory payment history in their name at the property of installation. Applicants must also be the owner of the home and the property where the home is located. Applicant’s must also meet the SVEC credit score requirement.
Can I use a cosigner if I don’t meet the credit requirements?
You can use a cosigner that also has a 12-month satisfactory pay history on an account with SVEC.
I am building a new home. Can I apply for a heat pump loan?
Our heat pump financing program is for existing homes only.
What is the down payment?
There is no down payment required however, we do require a non-refundable, $25.00 application fee.
How quickly will I know if I am approved?
In most cases, we can have a loan decision in 1-2 business days. Loan approvals are good for 90 days from the date of approval.
Who will install my heat pump?
To participate in the Heat Pump Financing Program, you must use someone from our Qualified Contractor Network. We will provide you with that list and recommend you obtain at least 2-3 quotes from different contractors.
Are there any rebates or tax credits?
There are rebates available for members who also sign up for eScore, which we can help you with. There are energy tax credits available, but those would need to be discussed with you tax preparer.
What if I want to sell my home before I pay off the loan?
SVEC will file a lien on your property with the Register of Deeds in your county. You will be required to pay off the loan amount prior to selling your home. Loans cannot be transferred to new property owners.
Who do I call for maintenance and care on my heat pump in the future?
All maintenance questions and concerns should be discussed with your contractor. You are not required to use a QCN member for maintenance.