Heat Pump Loan Program

Need a heat pump replacement?

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 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. 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 early payoff.

Does DREMC require the use of a TVA Quality Contractor Network member?

Yes. The loan program requires applicants to select a contractor from this list to ensure the installation meets TVA’s efficiency guidelines. 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.

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 easy and affordable monthly payments and no penalty for early payoff. To help ensure the quality of the installation, all work 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 for the loan:

  • Complete the loan application and send it with a copy of the applicant’s driver’s license.
  • Applicant must meet the following criteria:
    • The name on the loan application must be the same as the primary name on the DREMC account and the name on the property deed (all three names must be the same).
    • Should be in good standing with their DREMC electric bill.
    • Must receive a minimum credit score rating of 625.

The loan application and driver’s license should be submitted to DREMC by email. Applications can also be mailed or dropped off at any DREMC office.

Once the application is received, a DREMC team member will assist with the next steps.

Questions? Contact ntaylor@dremc.com or 931-680-5886 for assistance.