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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.

Call or Email our Energy Specialist, Steve Whitley, for more information. 704-289-3145 or 1-800-922-6840 ext. 3239

  • Interest rate will be fixed for the term of the loan. The current rate is 9%.
  • Borrow up to $7,500
  • Up to 60 months repayment plan
  • Billed on your monthly electric bill

Member heat pump loan guidelines

Union Power Cooperative will loan to qualified members, the funds amount needed up to a maximum ($7,500.00) at a current fixed rate of 9% for a term of up to 60 months for the installation of a complete heat pump system. Dual fuel heat pumps are financed, also. We do not finance air conditioning only. The heat pump program is intended for existing residential homes. We do not finance systems for new residential construction or business.

Payments for heat pump loans appear as a separate line item on your electric bill 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 $42.00. Loans may be paid off at anytime without a penalty.

How do you qualify?

  • The applicant must have the power account in their name.
  • The applicant must own the property and be deeded in their name.
  • Allow Union Power Cooperative to perform a credit check to determine your eligibility using your name, address, home phone number, and social security number.

Pre-approval can be completed over the phone.

Upon approval Union Power Cooperative’s subsidiary company, 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, and a detailed proposal on company letterhead describing the intended work, including equipment brand name, and model numbers to be installed to Steve Whitley @ fax 704-220-1448 for review. If approved you will be notified when to begin the installation process. You must be approved before any work begins.

Union Power Cooperative will not finance any jobs already installed or partially installed. All jobs are required to pass a mechanical and electrical county or city inspection before funds are released.

Call Steve Whitley at Union Power at (704)-289-3145 ext.3239 to pre-qualify for a heat pump loan. Or call Union Services at 704-283-9047 to talk to a sales representative or to schedule a free estimate.