Heat pump loans
We will loan homeowners 100 percent of the cost of installing your heat pump, up to $20,000.
Incentives are currently available which will be credited against your loan amount when documents are signed.
By installing a heat pump, you’ll not only improve the comfort in your home but also conserve energy.
All electrically heated homes, including manufactured homes, are eligible for our heat pump financing program.
About the loan terms
- You will have up to seven years to repay the loan at a 5.25 percent interest rate.
- Loans of less than $5,000 have a loan processing fee of $225, and loans of $5,000 or more have a loan processing fee of $350. You can either pay up front or fold the fee into your loan.
- You will be billed monthly, separate from your regular utility billing, for the amount financed.
- Financing is subject to credit approval.
- Loans are non-transferable; if you sell your home, you will need to pay off the balance of the loan at that time.
Importance of weatherization
Insulation levels, whole-house air sealing and duct sealing are important aspects of the overall performance of the heat pump and the home's effeciency. If additional money is needed to install these measures, weatherization loan dollars are available.
You will choose the contractor who installs your heat pump. To ensure you get the highest quality work, we will provide you with a list of contractors who have met the requirements for participating in our loan program.
Call us at (360) 992-3355 to get our heat pump loan application. If you have questions about whether a heat pump is the right choice for your home, ask for advice from one of our energy counselors.