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!
- financing is for the installation of a new electric or dual-fuel heat pump in an existing home;
- if electrical upgrade or additional weatherization is required, it can also be financed (up to $1,000);
- new unit must be rated at 13 SEER or above; units rated lower than 13 SEER are not eligible for financing
- loan can cover the purchase of heat pump, an accessories needed (i.e. duct work) and installation fees;
- installation must be by member of SVEC's Quality Contractor Network (QCN). All QCN members are licensed by their local governmental authority to ensure they know how to install and service your new electric heat pump.
- 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 7% 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
A qualified applicant may borrow the following:
1. 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.
2. 3 tons & over - $12,000 maximum – includes any electrical upgrade or weatherization needed.
3. 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.)
4. 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.)
5. 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.