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Heat Pump Financing

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.

General Information:

This program provides financing and is administered by TVA. The heat pump loan 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. To qualify, the VEC power account and the property must be in the loan applicant’s name.

 

How to Apply for Heat Pump Financing Online

Requirements:

  • Be the property owner (if you are a renter or lease to purchase the property owner must initiate the loan).
  • Have an active email account
  • Minimum credit score: 625
  • Installation by TVA-qualified contractors

Steps:

  1. Go to https://energyright.com/residential/financing and click “Check your eligibility.”
  2. Enter your ZIP code to confirm program availability.
  3. Select your Local Power Company.
  4. Register your home with TVA EnergyRight.
  5. Review required information and click “Apply for financing.”
  6. Complete the online form and choose if you want Docusign via text.
  7. Submit the form. You’ll receive an Application ID email and contact info for assistance.
  8. You will be notified by email if you are approved or denied.
  9. If approved. Choose a Qualified TVA Contractor to do your work.
  10. Provide a copy of your property Warranty Deed before or at the time of heat pump installation.
  11. The contractor will have physical loan documents for you to sign. You must sign and date all forms. A copy of a photo ID (driver’s license or State ID) is required to be submitted for the applicant, in accordance with the Patriot Act effective 6/1/2005.
  12. Loan approvals are valid for only 120 days.

Please email any questions to vechploanapplication@vec.org.

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

Request Loan Payoff Information
Download View
 

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