Upper Cumberland EMC - Residential Heat Pump Loan Program (Tennessee)
Last modified on May 24, 2011.
Financial Incentive Program
|Name||Upper Cumberland EMC - Residential Heat Pump Loan Program|
|Incentive Type||Utility Loan Program|
|Eligible Technologies||Heat pumps|
|Energy Category||Energy Efficiency Incentive Programs|
|Amount||7% interest rate for loans of up 10,000, with up to 10 years to pay off with no down payment required and no penalties assessed for paying a loan off early.|
|Program Administrator||Upper Cumberland Electric Membership Corporation|
|Date added to DSIRE||2006-09-19|
|Last DSIRE Review||2009-07-17|
Upper Cumberland Electric Membership Corporation will loan up to a maximum of $10,000 to install a heat pump in a member's home. This is a residential program for existing homes only. Homes receiving the heat pump must have had permanent electric service for at least one year. This is not available for new homes under construction. The current interest rate for the loan is 7%. Special interest rates for Active Military families are also available. Loans may be set up for a maximum of 10 years with no down payment required and no penalties assessed for paying a loan off early. If a heat pump is being financed through the program, certain weatherization measures such as insulation may also be financed at the same time.
|Contact Name||Larry Fleming|
|Department||Upper Cumberland Electric Membership Corporation|
|Address||138 Gordonsville Hwy.|
|Phone||(931) 823-8655 Ext:338|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.