Heat Pump Loan Cap Raised!

2022 may just be Juneau’s ‘Year of the Heat Pump’! It seems that everybody’s doing it. The word is out that heat pumps will save you money, heat your home nearly all year long, provide air conditioning, keep your home heating local, eliminate oil hazards, and shrink your carbon footprint in one of the most impactful ways possible.

Demand for both heat pumps and the contractors to install them is at an all-time high! If you are ready to move on a heat pump, yet you’re finding that cash flow is an issue, our Heat Smart – True North FCU (TNFCU) heat pump loan may just be the solution for you. The hurdle of high up front initial costs is a common stumbling block for many and this loan is one of our tools that can help you make the leap.

In response to local demand for heat pumps atop a surge in interest to move away from fossil fuel heating, Alaska Heat Smart has been busy creating new programs to make it easier for ALL Juneau residents to benefit from heat pumps’ money-saving and climate-friendly benefits. Following on the heels of our wildly popular free home heat pump assessment program, we are making headway on the development of our lower income Healthy Homes program and our modest income Home Heat Pump Incentive Program.

Our traditional loan program has been up and running for more than a year now. We’ve often been asked if the loan cap could be raised from it’s starting cap of $7,500. Complex or multi-head heat pump systems are often quoted from $8,500 to close to $30,000. Alaska Heat Smart is happy to announce a new loan cap of $12,500! If you have good credit and a solid debt to income ratio, this loan could be yours.

If granted $12,500 at 4%, the lowest rate offered on this loan by TNFCU, you’ll free up cash flow and start saving money immediately!

Interest payments over 5 years for a $12,500 heat pump loan at 4% interest would average just under $22 per month! With the average Juneau heat pump installation saving a homeowner over $1,200 annually, despite paying interest, there would still be a $78 average monthly savings over the course of a year!

And, if you need a smaller loan, interest payments will be even lower and your savings that much higher!

Learn more about our home heat pump loan today!