• Equipment Requirements
  • Air-to-air, dual fuel or ground source electric heat pumps will qualify.
  • Financing is available for replacement units only. (Not available for new homes.)
  • SEER rating must be 13 or greater.
  • Equipment must have a manufacturer's warranty of at least a five years, or the life of the loan if loan term exceeds five years.
  • Equipment must be installed by a Contractor who holds a Mechanical Contractor's License with a minimum of $50,000 general liability insurance and $5,000 workmanship bond. (Must have current copy of this information on file with PEC prior to loan closing.)
     
• Customer Requirements
  • Must have been a PEC member for 24 months or longer with no history of monthly payments received after the 20th of any month or any returned checks during that time.
  • The member must complete a PEC Credit Application and should also have a satisfactory credit report through the local Credit Bureau.
  • The member must hold title to the structure where heat pump(s) is installed/financed and allow PEC to file a Mortgage on property where heat pump will be installed. (Cannot be renting the home.)
  • The member must sign a new Agreement for Electric Service for the term of the loan or until the loan is paid off.
  • Mobile homes must be mounted on a permanent foundation on five (5) acres or more where the member holds the title.
  • The member must agree to join PEC's Load Management Program (if implemented).
  • The member must provide a copy of the Warranty Deed or Abstract (to be returned to the owner).
  • The home may be subject to inspection/appraisal to satisfy mortgage requirements. In addition, PEC may require title insurance.
  • An acceptable co-signer who meets these guidelines can be used with PEC's approval.

• Loan Provisions
  • Before loan closing, the equipment must be installed with a copy of the contractor's bill provided to PEC, and is subject to PEC's inspection.
  • A "pre-approved interest rate and loan" can be provided, which is good for 30 days.
  • Checks will be issued directly to the contractor. If a copy is not on file, customer must provide proof of contractor's license and workmanship bond.
  • Loans will not be made to re-finance electric heat pumps. In addition, these loans are not available for installations where PEC's rebate program has been chosen by the member.
  • Loan must be paid off if the home is subsequently sold.
  • The term of the loan can be up to ten years.
  • All loans will require member to provide additional security by collateralizing with their PEC capital credits.

Standard Rebate Program

• Rebate Amount
  • Air-to-air, dual fuel or ground water source heat pumps - $100.00/ton

• Qualifications
  • SEER of 13 or greater
  • 5 year manufacturer's warranty
  • Agree to participate in PEC's Load Management Program
  • Rebates must be paid within 6 months of installation

Co-Funded Rebate Program for Higher Efficiency Heat Pumps
Program effective dates: March 1, 2010 - December 31, 2010
[NOTE: Units must be installed between these dates; Applications must be received by 12/29/10 in order to be paid by the end of the year.]      

• RESIDENTIAL GUIDELINES

• Geothermal Heat Pump
  • with Desuperheater, $600 per ton
    (optional feature which provides hot water for your home as a by-product of your heating/cooling system)
  • without Desuperheater, $300 per ton
  • Minimum Specifications:
    • Closed Loop > 14.1 EER & 3.3 COP
    • Open Loop > 16.2 EER & 3.6 COP
    • DX (Direct Expansion) > 15 EER & 3.5 COP
    • 5 year warranty
    • Member agrees to participate in PEC’s load management program and assign ownership of the resulting environmental and renewable benefits for their heat pump to
    Western Farmers Electric Cooperative (WFEC), PEC’s power provider and co-sponsor of the expanded program

• Air-to-Air & Dual Fuel Heat Pumps - $250 per ton
  • Minimum Specifications:
    • Minimum SEER of 14
    • 5 year warranty
    • Member agrees to participate in PEC’s load management program and assign ownership of the resulting environmental and renewable benefits for their heat pump to
    Western Farmers Electric Cooperative (WFEC), PEC’s power provider and co-sponsor of the expanded program
     

• SMALL BUSINESS AND SCHOOLS GUIDELINES

• Geothermal Heat Pump, $300 per ton
  (optional feature which provides hot water for your home as a by-product of your heating/cooling system)
  • Desuperheater NOT required
  • Minimum Specifications:
    • Closed Loop > 14.1 EER & 3.3 COP
    • Open Loop > 16.2 EER & 3.6 COP
    • DX (Direct Expansion) > 15 EER & 3.5 COP
    • 5 year warranty
    • Member agrees to participate in PEC’s load management program and assign ownership of the resulting environmental and renewable benefits for their heat pump to
    Western Farmers Electric Cooperative (WFEC), PEC’s power provider and co-sponsor of the expanded program

For More information on Heat Pump Loans
Allyson McElroy
Vice President, Customer Service
(580) 272-1528

For More information on Rebates
Jennifer Boeck
Vice President, Communication Services
(580) 272-1529