Northern Virginia Electric Cooperative, through an arrangement with SunTrust Bank, offers loans to its residential customers to have an eligible HVAC dealer replace or upgrade their electric air or ground source heat pump or electric water heater. Customers can call SunTrust at 1-888-SUNTRUST (1-888-786-8787) to find out the current NOVEC interest rate, which is typically two to five percentage points below the average interest rate in the marketplace. If the loan amount is $5,000 or greater, customers may receive an additional 1/4 percent off the interest rate by having their loan payments automatically deducted from a SunTrust deposit account.
| Implementing Sector: | Utility |
| Category: | Financial Incentive |
| State: | Virginia |
| Incentive Type: | Loan Program |
| Web Site: | http://www.novec.com/page.cfm?id=81 |
| Administrator: | Northern Virginia Electric Cooperative |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
|
| Name: | Account Services |
| Organization: | Northern Virginia Electric Cooperative |
| Address: |
PO Box 795 Alexandria VA 22334-0795 |
| Phone: | (888) 335-0500 |
| Email: | energyservices@novec.com |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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