Heat Pumps

Financing available through Energy Right Solutions Heat Pump program

A heat pump is the most efficient way to heat and cool your house. It is basically a central air-conditioning system that also works in reverse to provide central heating. During the summer, a heat pump takes the air in your home, makes it cool and dry, and then re-circulates it. In the winter, a heat pump pulls heat from air outside; (or from underground water, or the earth itself) and pumps it indoors. Believe it or not, winter air actually contains heat you can use. Heat pumps come in a variety of designs. For more information, log onto www.energyright.com and click the link to heat pump types.

Heat pump program features and requirements:

  • 6% fixed interest rate --available on 14 SEER or higher split and package heat pumps & Advanced Heat Pump systems. Advanced heat pumps are defined as variable speed, triple function, water source and earth coupled or geothermal heat pumps.
  • 8% fixed interest rate--available on 13 SEER split and package heat pump systems.
  • Loans are available up to $10,000 for one unit or $12,500 for two units or for one Advanced Heat Pump unit.
  • Get a fast and easy credit check; supply NGEMC with your warranty deed and complete a loan application. Click here for a loan application.
  • With no money down you can qualify for a fixed 6 percent or 8 percent interest rate on the loan with 10 years to pay it off. No early payoff penalty applies.
  • Payment installments will be added to your monthly electricity bill.
  • A member of the TVA Quality Contractor Network  will install the unit. You can get the QCN list from your customer care representative or view it here.
  • The loan application of $75 can be added to your power bill.
  • Program packets are available at any NGEMC office.
  • To comply with the USA PATRIOT Act, the applicant and co-applicant must provide NGEMC with a photocopy of a valid picture I.D., such as a driver's license, at the time the heat pump loan is closed.

Federal tax credits available on home energy-efficiency improvements

The federal government in December 2010 extended tax credits for some types of heat pump purchases through Dec. 31, 2011. Learn more about which heat pumps qualify for federal tax credits.