Heat Pump Financing
Comfort and convenience are what today's energy efficient heat pumps are all about! Energy efficient, electric heat pumps offer both the comfort of heating during the long winter months and cooling during the dog days of summer. So when it's time to replace your old heating system, make the choice for a new energy-efficient electric heat pump and take advantage of Union Power Cooperative's financing program.
Heat Pump Loan Program Guidelines
- The interest rate will be fixed for the term of the loan.
- The current rate is 9%.
- Maximum loan amount is $7,500.
- Term 60 months maximum.
- Loan payments appear on your power bill as a separate line item.
How Do You Qualify?
- You must have a Union Power account in your name.
- The land must be deeded in your name.
- You must have a good payment history with Union Power.
- You must agree to a check of your credit rating.
- A down payment may be required.
Qualified applicants may finance a complete heat pump or dual-fuel hybrid heat pump system for an existing residential home. We do not finance systems for new construction residential, business or commercial.
We do not finance a/c or gas only systems.
Loan payments will appear as a separate line item on your power bill statement, requiring one check, draft or credit card payment per month.
A lien is filed on the equipment until paid off. There is a one-time filing fee of $42. Loans may be paid off at any time without a penalty.
Notice of Lien/No Subordination
Pre-approval can be completed over the phone:
Call Union Services at 704-283-9047 to schedule a free estimate or ask to speak to a sales representative to discuss your heating and air conditioning needs. Click here to email an inquiry.
Upon approval, Union Power Cooperative's subsidiary, Union Services of Union County, LLC, a Trane Comfort Specialist Dealer, will provide you with a free estimate. You may also select any NC licensed HVAC contractor of your choice.
Once an installer has been established, the installing company must fax their North Carolina HVAC license number, job permit #, and detailed proposal on letterhead describing the intended work to include: equipment brand name and model numbers to Steve Whitley for review @ fax 704-220-1448. Upon approval, you will be authorized and notified to begin the installation.
You must be approved before work begins. Union Power Cooperative will not finance any jobs previously installed or partially installed.
All jobs must be permitted and pass a mechanical and electrical inspection by the city or county where the work is performed.
For additional information, call or email our Energy Specialist, Steve Whitley, or you may call 704-289-3145 or 1-800-922-6840 ext. 3239