Heat Pump Financing

Volunteer Energy Cooperative and TVA have joined forces to provide competitive financing for homeowners who are ready to enjoy the money-saving comfort of today’s new heat pumps. The energyright® retrofit heat pump program can save you money in more ways than one.  For a home to qualify for this program, the home must be more than 12  months old. The heat pump must be a replacement heating/cooling system. Below are links to a Heat Pump application.  After completing the application, you can print it and drop it off at your local service center, mail it to P.O. Box 277, Decatur, TN 37322, or email it to marketing@vec.org. 

General Information:

This program provides financing and is administered by TVA. Heat pump loan interest is 8%  interest for a maximum of 10 years.  Payments will be included on your  VEC power bill. A list of TVA qualified contractors is available by clicking this link or from your local VEC office. In order to qualify, the VEC power account and the property must be in the loan applicant’s name.

To speed the loan review process:

• The loan application can be completed by calling the Marketing and Economic Development office or by visiting your local VEC office.
• The application should include information regarding all owners of the property. A copy of a photo ID (driver’s license or State ID) is required to be submitted for each applicant, in accordance with the Patriot Act effective 6/1/2005.
• All applicants and cosigners must sign & date all forms.
• A copy of the property Warranty Deed is required before, or at the time of, the heat pump installation.
• Include your VEC account number on the application (this number should be the account to which the loan payments will be billed). This ensures that we bill the correct account.

More Information:

VEC  will submit the application to the bank and notify you of your loan approval or denial. Loan approvals are valid for only 90 days. We typically will have approval or denial results from the loan application within 1-2 business days after the submission of the application. Please direct any questions to Kristy Kelly at (423) 334-7055.

Fees:

Important Notice – UCC-1 Fixture Filing Security Fee:

The heat pump loan is a secured loan.  As such, the paperwork that you sign when you agree to participate in the heat pump loan program states that you understand that a UCC-1 fixture filing will be submitted with the Register of Deeds office in your county.  This is a lien on the heat pump which will prohibit you from refinancing, selling, or obtaining a second mortgage on your home until the loan for the heat pump with Volunteer Energy Cooperative is repaid.

There is a one-time fee of $60 to cover the cost of filing and releasing the UCC-1 fixture filing lien. This fee will be added to the overall cost of your unit and will be included on the repayment agreement.

Additional Forms

To see the current Home Energy rebate schedule, please visit https://energyright.com/residential/rebates/.