B.C. introduces low-rate heat pump financing for homeowners
July 7, 2020 | By HPAC Magazine
The loans will have interest rates as low as 0% over a five-year repayment period.
Homeowners in British Columbia wanting to switch from fossil fuel-based heating to electric heat pumps can now access to low-interest financing as part of the province’s CleanBC program.
Depending on the type and efficiency of heat pump selected, the loans will have interest rates as low as 0% over a five-year repayment period and are being offered as an alternative to CleanBC home-heating retrofit rebates.
The CleanBC program aims to reduce the environmental impact of existing buildings and to waste less energy.
Canadian firm Financeit will manage the low-interest loan process. In total $4.1 million has been allocated to support the Low-Interest Financing Program through 2021-22.
Specially trained contractors will guide homeowners through the online loan approval process on site or remotely – in most cases providing on-the-spot loan approvals for upgrades to change from fossil fuel home-heating systems to heat pumps.