SVEC Heat Pump Financing is as easy as 1, 2, 3!
Here are a few program details:
- 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 $15,000 (for 2 units)
- the interest rate will be 7% on Energy Star 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 e-Score for more information
Financing Amounts for Heat Pump Units Under 3 tons Over 3 tons Advanced, under 3 tons Advanced, over 3 tons 2 Units required Maximum amount to borrow (includes installation and duct work) $6,500 (plus $1,000 if needed for weatherization, electrical upgrade) $10,000 $8,500 $12,000 $15,000 Type of HP covered conventional (air source) or dual fuel conventional (air source) or dual fuel high efficiency ground-source (geothermal); variable speed compressor units; triple function units high efficiency ground-source (geothermal); variable speed compressor units; triple function units conventional, dual-fuel, or advanced
- 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;
- must be in good credit standing;
- have a driver's license or photo ID and present it when submitting application.