This is a RESIDENTIAL PROGRAM, designed to help homeowners in our service area. NOT for COMMERCIAL PROPERTY.
SVEC Heat Pump Financing is as easy as 1, 2, 3!
- payments are added on to monthly electric statement;
- a $25 processing fee is due at the time application is submitted;
- the minimum loan amount is $2,500; maximum loan amount is $18,000 (for 2 units)
- the interest rate is 8% on heat pumps;
- the loan repayment is up to 10 years;
- no down payment is required (other than $25 processing fee)
- no penalty for early pay-off
- rebates may be available for qualifying heat pumps; go to Rebates and Incentives for more information
Financing Facts:
A qualified applicant may borrow the following:
- Under 3 tons - up to $8,000 for a conventional (air source) electric heat pump or dual fuel heat pump, including ductwork and installation costs. If an electrical upgrade or additional weatherization is required, an additional $1000 is available.
- 3 tons & over - $12,000 maximum – includes any electrical upgrade or weatherization needed.
- For advanced heat pumps under 3 tons $10,000 is available (including high efficiency ground-source "geothermal" heat pumps, variable speed compressor units and triple function units.)
- Advanced heat pumps 3+ tons have a maximum amount of $14,000 (including high efficiency ground-source "geothermal" heat pumps, variable speed compressor units and triple function units.)
- Homes that require 2 units may borrow up to $18,000 -- Includes duct work and electrical upgrades.
To Qualify, Applicant must:
- be an SVEC member (name must be on electric account);
- have resided at the location for at least 12 months;
- must have a good payment history with SVEC;
- must own the home and the property where the heat pump will be installed (deed to land must be in applicant’s name);
- have home on permanent foundation;
- must be in good credit standing;
- have a driver's license or photo ID and present it when submitting application.