Heat Pump Program
Heat Pump Program
Any homeowner in MEC’s service area with an acceptable credit report. The loan must be in the homeowner’s name and their name must be on the deed to the property where the heat pump will be installed. 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 7 % loan
- Loan maximums are $15,000 for standard air-source heat pumps
- 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 and the list can be found on the energyright.com website
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 and submit a copy of your deed
- Visit energyright.com and register for the eScore program.
- Choose a QCN heat pump installer
- After system is installed the contractor will request a final electric inspection.
- A certified specialist will conduct a 40 point inspection on the heating system if you desire
- After electric inspection, MEC will pay the contractor and your monthly repayment will begin on your next electric bill
- Fees for filing the UCC1 fixture filing are the applicant’s responsibility
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