Buying A Heat Pump Just Got Easier With the
energy right® Heat Pump Program.
Buying a new heating and cooling system can be confusing. You're likely to hear technical terms like tonnage, Seasonal Energy Efficiency Ratio(SEER), and Heating Seasonal Performance Factor(HSPF). At Murfreesboro Electric Department we want to make it easy for you to find the best system for your home.
Comfort, Efficiency, and Savings.
Information for the Homeowner:
Heat Pump financing: Murfreesboro Electric Department / TVA energy right
8% financing for 13 SEER Heat Pumps and related equipment
6% financing for 14 SEER heat pumps.
General Information:
The loan can be set up for as long as 120 payments; there is no penalty for early repayment. An example monthly payment would be $60.66 for a $5000.00 loan at 8% for 10 years or $55.51 at 6% for 10 years.
Loan limit is $10,000.00 for one unit and weatherizing if needed; and $12,500 for two or more units, (or for an advanced heat pump system), and weatherizing if needed.
A security filing fee of $15.00, payable to the Rutherford County Register of Deeds, is required for the UCC-1 collateral / fixture filing; (this filing will secure the equipment and is a type of lien on the deed!) A copy of a valid picture ID, such as a current driver’s license, is now required before the closing loan paperwork.
Customer must obtain at least two quotes, from TVA –Quality Contractor Network members, to qualify for financing.
Application Information:
The record owner(s) of the home must provide social security number(s), date of birth, and driver’s license number(s). Previous address information is also required if at present address less than 3 years. (The energy right financing requires an Equifax Credit Information Service Beacon Score of at least 625; and excellent pay-record of electric bills.) For additional information, contact in the office, (205 North Walnut Street), or by phone at Murfreesboro Electric Department’s office number: 615/893-5514, (ask for Amy Byers, 494-0407; or Doug Hooper, 494-0408).
New requirements: To help the government fight the funding of terrorism and money laundering activities, Federal law, including the USA PATRIOT Act, requires all financial institutions to obtain, verify and record information that identifies each applicant.
