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.
This program provides financing and is administered by TVA. Heat pump loan interest is 7% 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.
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 Sewell at (423) 334-7055 or Shelly Miller at (423) 334-7051.