Depending on the type and efficiency of heat pump chosen by homeowners, 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.
“Through CleanBC, we’re supporting clean technologies like heat pumps that will reduce climate pollution and help families save on energy costs,” said Bruce Ralston, Minister of Energy, Mines and Petroleum Resources, in a news release. “This innovative financing program will help British Columbians make the switch to clean energy and ensure their homes are as efficient, comfortable and affordable as possible.”
The Province’s CleanBC program aims to reduce the environmental impact of existing buildings and to waste less energy. By using more clean energy and using it more efficiently in buildings, greenhouse gas emissions can be reduced and air quality improved.
Canadian firm Financeit will manage the low-interest loan process, which conforms to all Canadian finance and privacy requirements. 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 electric heat pumps.
CleanBC is a pathway to a more prosperous, balanced and sustainable future. CleanBC was developed in collaboration with the BC Green Party caucus and supports the commitment in the Confidence and Supply Agreement to implement climate action to meet B.C.’s emission targets.
A total of $4.1 million has been allocated to support the Low-Interest Financing Program through 2021-22.