Sand Mountain Electric Cooperative - Residential Heat Pump Loan Program (Alabama)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Sand Mountain Electric Cooperative - Residential Heat Pump Loan Program|
|Incentive Type||Utility Loan Program|
|Eligible Technologies||Heat pumps|
|Energy Category||Energy Efficiency Incentive Programs|
|Amount|| 7% interest rate|
5 or 10 year pay schedule
|Program Administrator||Sand Mountain Electric Cooperative|
|Date added to DSIRE||2006-08-18|
|Last DSIRE Review||2012-08-01|
| Last Substantive Modification
to Summary by DSIRE
The Sand Mountain Electric Cooperative offers a heat pump loan program to eligible residential members. To qualify, members must have had power with Sand Mountain Electric Cooperative for at least one year, have the home electric bill and deeds in the same name, and pass a credit check. Heat pumps must be installed by a Certified Heat Pump Contractor. Once the contractor has installed the heat pump, a representative from the utility will perform a post-installation inspection. Upon completion of the inspection, Sand Mountain Electric Cooperative will pay the contractor the full bill, up to $12,000, which the customer will pay back monthly on their electric bill. Loans have a 7.0% interest rate and can be repaid over five or ten years, with no prepayment penalties.
|Contact Name||Dianne Hale|
|Department||Sand Mountain Electric Cooperative|
|Address||402 Main Street West|
|Address 2||P.O. Box 277|
|Phone 2||(256) 635-6344|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.