Heat pump loans
We will loan homeowners 100 percent of the cost of installing your heat pump, up to $20,000. We also offer loans of up to $30,000 to install geothermal heat pumps.
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.
Approved contractors
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.
