Heat Pump Loan Program
Why should I choose to install a new unit through DREMC's loan program?
In addition to the affordable, monthly payments, DREMC’s heat pump financing program offers competitive, fixed-rate interest and convenience. Perhaps one of the most valuable advantages is the access to contractors within the TVA Quality Contractor Network. Each contractor is licensed, insured, and completes training on quality installation guidelines. It’s our way of helping you hire a contractor with confidence. Plus, QCN members have access to all of TVA’s EnergyRight home energy rebate options.
How do I repay the loan?
Loan payments are billed monthly from DREMC. Payments can be made using any of the following methods:
- online
- mobile app
- automatic bank draft
- by phone
- by mail
- in person at any DREMC office
What are the terms of the financing?
Through our program, heat pump installations are financed at 8% interest for up to 10 years. Loans are also available for members who are considering updates to their attic insulation, air sealing, and duct system. These loan terms are set at 8% interest for 5 years. For all loans, the current minimum loan amount is $2,500, and the total maximum loan amount is $20,000. There is no penalty for the early payoff of either of these loans.
Does DREMC recommend HVAC contractors to install the new unit?
DREMC does not recommend HVAC contractors, however, we do share with qualifying loan applicants a list of certified contractors who are part of TVA’s Quality Contractor Network. The loan program requires applicants to select a contractor from this list to ensure the installation meets TVA’s efficiency guidelines.
DREMC members can qualify for a 10-year loan with competitive financing for the installation of an energy-efficient electric heat pump through the TVA EnergyRight program.
The loan program includes no down payment, easy and affordable monthly payments, and no penalty for early payoff. To help ensure the quality of the installation, it must be completed by a member of TVA’s Quality Contractor Network.
The heat pump must be a replacement heating and cooling system. A list of approved contractors will be made available upon loan approval.
To apply and qualify for the loan:
- Complete the loan application and send it with a copy of your driver’s license of each applicant to begin the loan approval process.
- Applicants must meet the following criteria:
- Own the property where the heat pump is to be installed.
- The name on the property deed must match the name on the DREMC account and the name listed as primary on the loan application.
- Should be in good standing with their DREMC electric bill.
- Must receive a minimum credit score rating of 625.
Submit your loan application and driver’s license by email. Applications can also be mailed or dropped off at any DREMC office.
Once the loan is approved, a DREMC team member will assist with the next steps of completing the installation process.
Questions? Contact ntaylor@dremc.com or 931-680-5886 for assistance.