Heat Pump Financing
How It Works
If approved, you can contact any of the listed Quality Contractors to install your heating and air unit. The Quality Contractors have met certain requirements set forth by TVA to be a part of this program – you must use one of the listed Quality Contractors to participate. The list of contractors is provided below.
In conjunction with the heat pump, weatherization work, such as attic insulation, floor insulation and storm windows can be financed along with electronic air cleaners and electrical upgrades. Shop for a heat pump as you would for any other appliance – typically it is good business practice to get more than one quote/estimate.
With the easy repayment plan of the loan, the payments are simply added to your current electric bill. For example, if your new heat pump costs $5,000 and is financed at 6%, then $55.51 will be your monthly payment and will be billed in addition to your current electric bill. And, there’s no down payment and no penalty for early pay-off of the loan.
How To Participate- PLEASE READ
There are three requirements in order to participate:
Step 1- Complete the application.
Step 2- If you are approved for the financing:
Step 3- Contact contractor(s) off the approved list for estimates.
Step 4-Once the unit(s) has been installed the contractor will schedule the inspection.
If the collateral property is sold or refinanced the remaining balance must be paid in full. Alcoa Electric does NOT subordinate the loan balance.
Quality Contractor Network
The contractors on the list below are members of the TVA energy right Quality Contractor Network and have agreed to install heat pumps to meet the energy right standards. The contractors work is not warranted or guaranteed by TVA or Alcoa Electric Department. Here are a few tips to help you select your heat pump contractor:
Is your company interested in becoming a member of the Quality Contractor Network? Visit www.energyrightpartners.com for more information today!
Completing the application is the first step in the process, and all you need to do is fill in the highlighted areas in the Microsoft Word document below.
Once you’ve completed the application, you can choose one of four options to return it to the Marketing Department:
If you have any further questions, please call the Marketing Representative at (865) 380-4766. Alcoa Electric also encourages you to check out the TVA energy right® website at www.energyright.com for further information on the Heat Pump Program and other energy right programs.