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Sand Mountain Electric Cooperative - Residential Heat Pump Loan Program

Last Review: 2012-08-01
Incentive Type: Utility Loan Program
Eligible Efficiency Technologies: Heat pumps
Applicable Sectors: Residential
Incentive Amount: 7% interest rate
5 or 10 year pay schedule
maximum of 12,000
Website: http://www.smec.coop/

Summary:

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 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.


Contact:
Dianne Hale
Sand Mountain Electric Cooperative
402 Main Street West
P.O. Box 277
Rainsville, AL 35986
Phone:(877) 843-2512 Ext.
Phone 2:(256) 635-6344
Email: mmcgee@smec.coop
Web site: http://www.smec.coop/

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