Payment amounts will depend on the amount financed. Our interest rate is 8% 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 $18,000 (maximum loan amount when financing 2 units.)

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.

You can use a cosigner that also has a 12-month satisfactory pay history on an account with SVEC.

Our heat pump financing program is for existing homes only.

There is no down payment required however, we do require a non-refundable, $25.00 application fee.

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.

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.

Currently there are no rebates available for new heat pumps, but that could change in the future. There are energy tax credits available, but those would need to be discussed with you tax preparer.

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.

All maintenance questions and concerns should be discussed with your contractor. You are not required to use a QCN member for maintenance.