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. Loan rates are shown in the chart. 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 and loan approval can be obtained in minutes. To get started, follow the steps outlined below.
- Step 1– To begin the process of applying for the TVA loan, click here.
- Step 2– Choose “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 the Vanderbilt Mortgage and Finance website, the finance company which administers the loan program for TVA. Click on “Begin Application” to complete and submit your credit application to determine if you are approved for the loan for a new HVAC unit.
- Step 5– 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 6- 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 7- Once you have confirmed you are satisfied with the installation and signed your loan documents, your loan will be closed, and your contractor will be paid. You will then begin making monthly payments directly to Vanderbilt Mortgage and Finance, Inc.