Payment Options

Through Switch Together, you will have access to a variety of payment options to make upgrading to a cold climate heat pump easier. Contractors will take care of all the paperwork, help you maximize available rebates, and guide you through every step of the process.

Initial Deposit

Before you begin your installation process, Switch Together requires a $150 deposit when you accept your initial offer. This deposit is fully refundable but is required in order to secure your place in the group purchase along with a site visit and final offer from a qualified contractor. Deposits and final payments can be made through:

Bank transfer via a secure online third-party processing platform (Stripe)

Purchasing your system

1. Cash Purchase – Pay the full amount upfront.

2. Financing – Choose from loan options if you prefer to spread out the cost.

Cash

Make a one-time, upfront payment with the cash option. It’s the simplest way to purchase your heat pump—no interest, no loan fees, and no need for a credit check.

Financing Option

If you’d rather not pay upfront, financing is a great alternative. Loan terms can be discussed directly with your selected contractor, who will provide detailed information tailored to your project. There are also special financing options available through the state – see below for Colorado and Maryland options.

Colorado Financing Options

RENU Financing (Residential Energy Update)

A financing option we are familiar with for Colorado homeowners is RENU Financing, offered through the Colorado Clean Energy Fund. This program is available to owners of existing single-family homes and provides affordable financing for a wide range of energy upgrades, including:

Heat pumps
Heat pump water heaters
Induction stoves
EV charging stations
Efficiency upgrades
Ventilation systems

RENU Financing Loan Terms:

APR starting at 7.74%
$0 down payment
1% processing fee
Loan terms up to 180 months
Financing available up to $75,000

Your selected contractor may have a better financing option available. This will be discussed during the installation process.

Maryland Financing Options

Clean Energy Advantage (CEA State-Funded Loans)

Apply here

Take advantage of 0% financing for 24 months and reduced interest rates. These loans are designed to be combined with existing utility rebates.

Work with your contractor and go through the utility’s Home Performance with Energy Star or HVAC rebate program.

Loan terms: 3, 4, or 10 year loans.
Amount: $3,000 - $50,000
Special offer: 0% financing for 24 months
Secured loan rates as low as 4.99%
Unsecured loan rates as low as 7.99%.

BeSMART Energy Efficiency Loan for Homeowners

Apply here

This state-supported financing option is through Maryland Dept. of Housing and Community Development. This includes

Weatherization
Appliances
HVAC
Solar

Loan details:

Rate: 6.99%
Loan amount: $5,000-$30,000
Term: Up to 10 years

Low or Moderate Income Programs

Free and low-cost options for installing heat pumps and other energy efficiency upgrades are available in Maryland. If you currently qualify for assistance programs in Maryland, or your household income is less than 85% of the median area income, you may qualify for one or more of the following programs.

Significant discounts on HVAC upgrades, heat pump water heaters, and weatherization are available for people with moderate incomes. See the link for income limits and details.
Low-income residents are eligible for free weatherization and HVAC upgrades.
Climate Forward Homes
Howard County has provided funding to nonprofit partner Community Action Council to cover the costs of fuel switching from oil or propane heat to a heat pump for income-qualifying participants. More information is available here.
Civic Works-Howard County Partnership
Civic Works is a nonprofit organization that can provide free Home Performance energy audits and free weatherization services to households at or below 85% of the area median income. For more information and technical assistance, visit Civic Works.