Has your heating and air conditioning unit failed or is it on its last legs?
Most people are unprepared for the expense of replacing their heating and air conditioning unit. That’s where the HES Heat Pump Loan Program, part of the TVA EnergyRight Program, comes in. HES customers who qualify can obtain a loan to finance the purchase of a new, qualified heat pump system. Loan terms up to 10 years are available at an interest rate of 8%. The monthly loan payment will be billed on your electric bill. Plus, the new heat pump unit will be installed by a member of TVA’s Quality Contractor Network.
The process to apply for a loan can all be done online. To get started, follow the steps outlined below.
- Step 1– To begin the process of applying for the TVA loan, click here. You can also call 1-855-237-2673.
- Step 2– Enter your ZIP code and select “Hopkinsville Electric System” as your power company, then complete the short form to create an account.
- Step 3– At the “Apply for Financing” screen click on the “Apply for Financing” button.
- Step 4– This will take you to a web form where you will fill out the application and upload a copy of your driver’s license and most recent utility bill.
- Step 5- You will receive a notification of approval or denial to the provided email address within 48 hours.
- Step 6– If you are approved, click here to view a list of TVA approved contractors. Choose “Hopkinsville Electric System” as your local power company, then select “HVAC” to see contractors who can install your new HVAC unit. HES suggests you obtain quotes from multiple contractors, then contact the one you would like to install your new HVAC unit.
- Step 7- After your new unit is installed, the contractor will submit the installation information to EnergyRight. Your loan documents will be created and sent to you for your signature. The online loan closing is completely paperless – you can even sign electronically!
- Step 8- Once you have signed your loan documents, your contractor will be paid.
- Step 9- Soon after, the monthly loan installment will begin being billed each month on your normal Hopkinsville Electric System electric bill.
