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Financing

Financing Disclosure

Tacoma Power 7-Year Financing

If you’re paying out-of-pocket to upgrade your heating system, you might be eligible for a 7-year 0% interest loan. These loans can cover a specific amount off your bill from Tacoma Power Participating Contractor, depending on your eligibility.

Tacoma Public Utilities currently offer the following 0% interest loans:

  • Existing Zonal or Electric Forced Air

    • Ductless heat pump: Up to $20,000

    • Air-source heat pump: Up to $20,000

    • Variable-speed (inverter-driven) heat pump: Up to $20,000

Requirements for a 0% interest loan:

  • The existing heat source for your home is electric zonal or electric forced air (furnace).

  • Your application and project must be pre-approved by Tacoma Power.

  • The loan applicant owns the home and land.

  • Have a good TPU payment and credit history.

  • You must use a Tacoma Power Participating Contractor such as All Seasons Inc.

Use a participating contractor:

  • They are well-trained on all aspects of Tacoma Utility programs and will ensure your heat pump meets program specifications necessary to qualify for the loan.

Not eligible for a 0% interest loan:

  • Homes with a reverse mortgage

  • New construction

  • Do-it-yourself installations

  • Multi-family properties with 5 or more units

Required documents for a 0% interest loan:

You’ll need to work with your contractor to complete and submit the following documents to Tacoma Power:

After your project is complete, your contractor will need to submit the following documents to Tacoma Power:

Tacoma Power Deferred Loan and Rebate

You may qualify for a deferred loan and a rebate for a heat pump if your household income doesn’t exceed the maximum amounts allowed.,

Pay nothing and owe nothing until you sell your home.

Requirements for a deferred loan:

  • The existing heat source for your home is an electric furnace or electric zonal wall-heaters/baseboard heaters.

  • Tacoma Power must  pre-approved our application.

  • Tacoma Power serves the home where the heat pump is installed.

  • The loan applicant owns the home and land.

  • Have a good TPU payment and credit history.

  • You must use a Tacoma Power Participating Contractor, such as All Seasons Inc.

  • Not eligible for a deferred loan:

  • Homes with a reverse mortgage

  • Multi-family properties with 5 or more units

  • New construction properties

  • Do-it-yourself installations

  • Properties that have previously received an incentive from Tacoma Power for a heat pump

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Carrier Financing

*The Carrier credit card is issued by Wells Fargo Bank, N.A., an Equal Housing Lender. Special terms apply to qualifying purchases charged with approved credit. The special terms APR will apply until all qualifying purchases are paid in full. The monthly payment for this purchase will be the amount that will pay for the purchase in full in equal payments during the promotional (special terms) period. The APR for Purchases will apply to certain fees (such as a late payment fee) or if you use the card for other transactions. For new accounts, the APR for Purchases is 28.99%. Current cardholders should refer to their credit card agreement for details, including APR and applicable fees. If you are charged interest in any billing cycle, the minimum interest charge will be $1.00. This information is subject to change; for current information, visit wellsfargo.com/plccterms (PDF).

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