Heat Pumps for $31 a Month (Really!)
Efficient Cooling (and Heating) with Heat Pumps
While our stubborn refusal to buckle to temperature extremes in Vermont is a cherished bragging right, it’s worth pointing out the fact: there is nothing inherently evil in air conditioning.
Okay, maybe an argument could be made about window units. BUT there’s a new air conditioning (and heating) system on the block: heat pumps, and they’re efficient, comfortable, and… affordable.
$31 a Month
You can read up on why heat pumps are so exciting for Vermonters here – basically they heat and cool your home super efficiently (aka cheaply) and there are juicy rebates ($600-800) to incentivize you to install them.
Here’s another reason to be excited: you could buy and have a heat pump system installed in your home starting at $31 a MONTH using NeighborWorks’ Energy Loan.
Installing Heat Pumps with our Energy Loan
$31 a month sounds pretty darn affordable right? Like a no-brainer almost…
Our unsecured Energy Loan is simple and affordable with interest rates from 0-4.99%, tiered based on income, repayment terms, and project type. General repayment terms are five to fifteen years, and you can repay your loan in-full at any time without penalty.*
So what are the assumptions we made behind the $31/month?
$31 a Month to Buy and Install
- Monthly Household Income: $3,000
- Interest Rate: 1.99%
- Term: 180 months
- Loan Amount: $4,750
- $4,500 for installation and materials for a single head unit
- $250 for an escrow management fee
- No down payment
This cost per month could increase or decrease depending on income (which influences the interest rate) and total project (which influences the interest rate and term).
SO, for $31 a month you could be escaping the muggy afternoons and evenings while enjoying the comfortable and cool interior of your home. When the temperature cools outside, you’ll be able to use the same system to heat your home up while saving money on your energy bills.
*If household income above $98,800 and/or financing a renewable project the rate is 4.99% and the maximum term is 10 years.