Heat Pump Financing Information
- Heat pumps are financed at a 7% locked in rate for up to 10 years which will be billed on the monthly electric bill. The Heat pump must be installed by a TVA approved contractor.
- Customer must own the home (deeded in their name).
- If it is a mobile home it must have a permanent brick or block foundation. The customer must own the property it is setting on (deeded in their name).
- The customer must be approved for the loan which means a credit check is run. The home owner’s social security number, driver’s license and date of birth must be provided.
- No cosigners are allowed.
- After the loan has been approved there is a $30 filing fee. A lien will be filed at the courthouse against the heat pump. This means that if the house is sold this has to be paid off first.
- The customer may pay down or make extra payments at any time in person at the WCMES office.
- The loan maybe paid off at any time.
- Call Shelly Bowers for further information.