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 Low-interest heat-pump loans from Blue Ridge
Aug 1, 2009
As hot as the weather might be this August, it’s a fact that winter, with its freezing temperatures and biting winds, is just a few months away. Whether the outside thermometer is reading 98 or 18 degrees, indoor comfort is a must for any family.
Blue Ridge Electric Cooperative has a program designed to help members achieve that year-round comfort, along with a greater level of energy efficiency. This program offers financing for the installation of a high-efficiency electric heat pump at the low interest rate of 7.5 percent. Here are the essential requirements and other details:
- The new heat pump must have a Seasonal Energy Efficiency Ratio (SEER) of 13 or more.
- For existing site-built structures, the member must own the residence (real property); for manufactured housing, the member must own both the manufactured home and the land.
- The heat pump must be installed in accordance with the manufacturer’s recommendations, ASHRAE and ACCA standards, applicable local codes, and all accepted installation standards.
- A member can borrow from $500 to $7,500 for one heat-pump unit, up to $12,000 for two or more units, or up to $5,000 for one unit installed at a manufactured home.
- Once the heat pump has been installed to the member’s satisfaction and a Blue Ridge representative has inspected the work, payment will be made to the member and the heat-pump dealer.
- Equal monthly loan payments can be made for up to five years, and the member can have the payment added to the monthly power bill; for loans of less than $1,500, the maximum repayment period would be 42 months.
To each inquirer, the cooperative will provide a long list of certified dealers from across our service territory that market and install high-efficiency heat pumps. Our customer service employees would welcome the opportunity to walk you through the loan-application process.
With all the emphasis today on the wise use of energy, a high-SEER heat pump is an excellent way to go. Please call or E-mail the Blue Ridge customer service center, or pay a visit to your area cooperative office and let us assist you.
In addition, some federal tax credits are now in place to encourage the installation of energy-efficient heat pumps. Through 2010, a homeowner can receive a 30-percent tax credit, up to a value of $1,500, for a new air-source heat pump with a SEER higher than 15. Geothermal heat pumps would also receive a 30-percent credit, but there is no limit to the value of the credit. The geothermal credit applies through the year 2016. Please call or e-mail Blue Ridge customer service center, or pay a visit to your area cooperative office and let us assist you.
When inquiring about the loan program, I would encourage you also to ask us for some other energy-saving information. The cooperative has two excellent brochures that contain lists of ideas for improving the efficiency of your home. Those brochures are free for the asking, and it would be our pleasure to pass them along to you.
Sincerely,
Charles E. Dalton
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