  Recent JWST eclipse spectra of the high-density hot Saturn HD 149026b between
2.35 and 5.08 $\mu$m has allowed for in-depth study of its atmosphere. To
understand its atmospheric properties, we have created a grid of 1D
radiative-convective-thermochemical equilibrium atmosphere models and spectra
with PICASO 3.0. In agreement with previous work, we find that the presence of
gaseous TiO creates a thermal inversion, which is inconsistent with the data.
The presence of gaseous VO, however, which condenses at temperatures 200 K
cooler, does not cause such inversions but alters the temperature-pressure
profile of the atmosphere. We estimate an atmospheric metallicity of
$14^{+12}_{-8}\times$ solar without VO and $20^{+11}_{-8}\times$ solar with VO,
a factor of $\sim 10$ times smaller than previous work from Bean et al. (2023),
who relied on atmosphere retrievals. We attribute this significant difference
in metallicity to a larger temperature gradient at low pressures in radiative
equilibrium models. Such models with lower metallicities readily fit the strong
CO$_2$ feature at 4.3 $\mu$m. Our lower estimated metallicity makes HD 149026b
more consistent with the mass-metallicity relationship for other giant planets.
We find a C/O ratio of $0.67^{+0.06}_{-0.27}$ with and without VO. The best-fit
heat redistribution factor without VO is $1.17$, a very high value suggesting
very little dayside energy transport and no energy transport to the night side.
The heat redistribution factor shrinks to a more plausible value of
$0.91^{+0.05}_{-0.05}$, with VO, which we regard as circumstantial evidence for
the molecule in the atmosphere of HD 149026b.
