Heat Pump Financing

Comfort is what today’s energy-efficient heat pumps are all about! Energy-efficient, electric heat pumps offer both the comfort of heating during the long winter months and cooling during the summer. When it’s time to replace your old heating system, chose a new energy-efficient electric heat pump and take advantage of Union Power Cooperative’s financing program.

Heat Pump Loan Program Guidelines

• The interest rate will be fixed for the term of the loan.
• The current rate is 9%.
• The maximum loan amount is $7,500.
• The maximum loan term is 60 months.
• Loan payments appear on your power bill as a separate line item.
• Qualified applicants may finance a complete heat pump or dual-fuel hybrid heat pump system on an existing residence. 
• We do not finance a/c or gas-only systems.
• We do not finance systems for new construction. 

How Do You Qualify?

• You must have a Union Power account in your name.
• The land must be deeded in your name.
• You must have a good payment history with Union Power.
• You must agree to a credit check.
• A down payment may be required.
• Pre-approval can be completed over the phone. 

Loan Collateral

A lien is filed on the equipment until it is paid off. There is a one-time filing fee of $42. Loans may be paid off at any time without a penalty.

Notice of Lien/No Subordination

The Installation

Upon approval, you will be authorized and notified to begin the installation. Union Power Cooperative will not finance any jobs previously or partially installed.

Union Power Cooperative’s subsidiary, Union Services of Union County, LLC, a Trane Comfort Specialist Dealer, will provide you with a free estimate by calling 704-283-9047.

You may also select any NC licensed HVAC contractor of your choice, however, the installing company must email their North Carolina HVAC license number, job permit #, and detailed proposal on letterhead describing the intended work to include: equipment brand name and model numbers to Union Power for review.

All jobs must be permitted and pass a mechanical and electrical inspection by the city or county where the work is performed.