Programs - Heat Pump Loan
Elizabethton Electric Department can help you get a new energy efficient heat pump installed in your home. We do not install them ourselves, but we will help you to find the best quality at the right price for you. We work within the Tennessee Valley Authority's energy right guidelines to ensure quality installations by reputable contractors.
What do I do?
First, you contact us (see bottom of page). We will give or mail you a credit application and the Quality Contractors Network list.
Next, you will get several estimates from contractors and decide on which one you want to have install the heat pump.
Once your loan is approved, we will notify you and the heat pump can be installed. A TVA representative will inspect the installation to assure quality.
That is all there is to it! Heat Pump Loans are simple interest with zero down payment. Current Heat Pump Loan interest rate is 6%. You can take up to 10 years to pay off the loan, or pay it off early with no penalty. Heat pump loans are limited to a maximum of $10,000.
EED will cut a check to pay off the contractor. Heat pump loans are billed separately from your light bill, about the middle of each month. It will be sent to you as a separate bill from your regular light bill.
For more information: Come by our office at the corner of Hatcher Lane and U.S. 19-E, or ask Ken Markland 423-547-8630 or 423-542-1101 or 423-547-8602 about Heat Pump Loans. Feel free to also contact us by email.
You can get online information at TVA's Energy Right® web site. But remember, if you are planning on getting a heat pump using our program, you must use a contractor from TVA's approved list.