Heat Pump Program
Any homeowner in MEC's service area with an acceptable credit report. The loan must be in the homeowner's name. Start saving money, an electric heat pump is the most efficient way to heat and cool your home.
- A simple loan application will be taken
- Loan status generally available in one day
- 6% interest loans on minimum 14 SEER installations, anything lower than 14 SEER qualifies for 8% loan
- Loan maximums are $10,000 for standard air-source heat pumps, and $12,500 for geothermal systems
- A UCC1 (Financing Statement showing that MEC has a security interest in the heating system
- You must use a QCN (Quality Contractor Network) installer. These installers are approved by TVA
How to get started
- Call member services at 423-727-1805 or 423-727-1811
- Supply required information for credit approval
- Sign contract after receiving loan approval
- Choose a QCN heat pump installer
- After system is installed the contractor will request a final inspection.
- A certified HVAC specialist will conduct a 40 point inspection on the heating system
- Choose your contractor from MEC's Quality Contractor list.
- After inspection, MEC will pay the contractor and your monthly repayment will begin on your next electric bill
- There is a one-time $45 processing fee
If you already own a heat pump but your system is over 10 years old, you may want to consider updating your equipment. The new generation of heat pumps from the Energy Right Program are extremely energy efficient.
If you would like to know more call your local power company or visit www.energyright.com
|Typical Savings With a Heat Pump
For a 2,000 sq. ft. home with average insulation in Banner Elk NC.
|Type heating system||Annual Cost|
|8 HSPF heat pump (Higher efficiency)||$910|
|7 HSPF heat pump (medium efficiency)||$1,039|
|Electric Resistance (baseboard, stack heaters, etc.)||$2,154|
|LP gas, (90% efficiency)||$2,581|
|LP gas, (80% efficiency)||$2,907|
|Kerosene #1, (88% efficiency)||$2,839|
|Fuel oil, #2, (80% efficiency)||$2,376|
|Corporate Office||District Office||Branch Office|
604 South Church St
PO Box 180
Mountain City, TN 37683
1373 Elk Park Hwy
PO Box 1240
Newland, NC 28657
8477 Hwy 19E
PO Box 103
Roan Mountain, TN 37687