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Sand Mountain Electric Cooperative - Residential Heat Pump Loan Program

Eligibility 
Residential
Savings Category 
Heat Pumps
Program Info
State 
Alabama
Program Type 
Utility Loan Program
Rebate Amount 

7% interest rate
5 or 10 year pay schedule
maximum of $12,000

Provider 
Sand Mountain Electric Cooperative

The Sand Mountain Electric Cooperative offers a heat pump loan program to eligible residential members. To qualify, members must have had power with Sand Mountain Electric Cooperative for at least one year, have the home electric bill and deeds in the same name, and pass a credit check. Heat pumps must be installed by a [http://www.smec.coop/heatpumpcontractors.htm Certified Heat Pump Contractor]. Once the contractor has installed the heat pump, a representative from the utility will perform a post-installation inspection. Upon completion of the inspection, Sand Mountain Electric Cooperative will pay the contractor the full bill, up to $12,000, which the customer will pay back monthly on their electric bill. Loans have a 7.0% interest rate and can be repaid over five or ten years, with no prepayment penalties.