Sand Mountain Electric Cooperative - Residential Heat Pump Loan Program (Alabama)

From Open Energy Information

Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Alabama


Name Sand Mountain Electric Cooperative - Residential Heat Pump Loan Program
Incentive Type Utility Loan Program
Applicable Sector Residential
Eligible Technologies Heat pumps
Active Incentive Yes
Implementing Sector Utility
Energy Category Energy Efficiency Incentive Programs
Amount 7% interest rate

5 or 10 year pay schedule
maximum of $12,000














Program Administrator Sand Mountain Electric Cooperative
Website http://www.smec.coop/


References DSIRE[1]


Summary

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.

Incentive Contact

Contact Name Dianne Hale
Department Sand Mountain Electric Cooperative
Address 402 Main Street West
Address 2 P.O. Box 277
Place Rainsville, Alabama
Zip/Postal Code 35986
Phone (877) 843-2512
Phone 2 (256) 635-6344
Email mmcgee@smec.coop
Website http://www.smec.coop/


















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency (DSIRE)"