In addition to the affordable, monthly payments DREMC’s heat pump loan also offers competitive, fixed-rate interest and convenience. Perhaps the most valuable advantage is that once the unit is installed, DREMC’s residential energy advisor performs a thorough inspection of the installation. The inspection is provided at no additional cost to help ensure members receive the highest heating and cooling efficiency from the installation.
Loan payments are billed monthly from DREMC. Payments can be made using any of the following methods:
Beginning April 1, 2023, heat pump loans will be financed at 8% interest for up to 10 years. Loans are also available for members who only need to replace their ductwork. These loan terms are set at 8% interest for 3 years. There is no penalty for the early payoff of either of these loans.
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. Once the installation is completed by a member of TVA’s Quality Contractor Network, the installation will be inspected by DREMC’s Residential Energy Advisor to ensure the quality and energy efficiency of the unit.
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:
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 either DREMC team member for assistance:
Shay Maupin at firstname.lastname@example.org or 931-680-5882
Pat Garrett at email@example.com or 931-680-5886