Energy Efficiency Loan Program

Energy Efficiency Loan Program (EELP) – The new Energy Efficiency Loan Program (EELP), brought to you by the Government of Newfoundland and Labrador and takeCHARGE, is making it easier to save energy and money. On-bill financing with an interest rate of 4.7%* is available on insulation, heat pumps and home energy assessments.   Through EELP, eligible applicants can receive low-interest financing for up to $10,000 over a maximum of five years.

  • Insulation

    Having enough insulation can save you thousands on heating costs and will make your home more comfortable. Insulating just got easier with low-interest financing for basement and attic insulation. Plus you can get back up to $2,000 with a takeCHARGE rebate.

    Let’s talk eligibility:

    • You must be the registered homeowner
    • Electricity must be your home’s primary heating source.
    • You must have at least 12 months history as the primary account holder with Newfoundland Power or Newfoundland and Labrador Hydro.
    • Your home has been connected to the electricity system for at least 12 months.
    • Your project must meet the following minimum R-value requirements after the insulation is installed:

    *Interest rate subject to change. Must meet eligibility. Credit check may be required.
     

    INSULATION LOCATION R-VALUE REQUIREMENTS
    Basement and Crawl Space Walls* 18
    Basement and Crawl Space Ceiling* 30
    Attic 50

    *Rebates will be paid for basement/crawl space walls or basement/crawl space ceiling upgrades, but not both.

    • You may add to existing insulation to reach the recommended R-value, but rebates will not be provided to replace existing insulation.

    Apply Now:

    Newfoundland Power

    Newfoundland and Labrador Hydro – Call 1-888-737-1296

    Terms and Conditions: To be eligible for Energy Efficiency Loan Program Financing, all required information must be completed and submitted, including a valid electricity account number and a copy of final invoice, electrical permit, the original financing loan agreement, and installer checklist if required. Your home and install/service must meet all eligibility requirements. Your home must have been connected to the electrical system for at least 12 months. Offer subject to change or cancellation without notice. Please allow 3-4 weeks for the financing to be reflected on-bill from the date the loan agreement is executed. Newfoundland Power and Newfoundland and Labrador Hydro will not honour warranties and guarantees, and are not responsible for any damage caused by the installation of these products. Newfoundland Power and Newfoundland and Labrador Hydro may visit your home and confirm the installation at any time within 15 months from when the financing was processed.

  • Heat Pump

    Is a heat pump right for your home? Heat pumps can be great energy savers, but they’re not for everyone. Make sure your home is well insulated and draft proof first. If your home is air tight, a heat pump may be the next step to help you save energy. A heat pump usually lasts 10-15 years, so calculate how much you need to save to make it worth the investment. Here is a guide to help you calculate payback.

    For ductless heat pumps, open concept layouts or large rooms yield more savings on your energy bill. You will need to clear snow from the outside unit in the winter and clean or change filters regularly.

    *Interest rate subject to change. Must meet eligibility. Credit check may be required.

    Let’s talk eligibility:

    • You must be the registered homeowner
    • Electricity must be your home’s primary heating source.
    • You must have at least 12 months history as the primary account holder with Newfoundland Power or Newfoundland and Labrador Hydro.
    • Your home must be connected to the electricity system for at least 12 months.
    • Your home must have one of the following minimum insulation levels at the time of application
      INSULATION LOCATION R-VALUE REQUIREMENTS
      Basement and Crawl Space Walls 12
      Basement and Crawl Space Ceiling 20
      Attic 32
    • If the property does not meet one of the minimums above, you must install attic or basement to the following levels.  EELP low-interest financing and rebates are also available for this project.
      INSULATION LOCATION R-VALUE REQUIREMENTS
      Basement and Crawl Space Walls 18
      Basement and Crawl Space Ceiling 30
      Attic 50
    • Your heat pump must be installed by both a:
    • Journeyperson Refrigeration And Air Conditioning Mechanic – List of residential installers that have confirmed their journeyperson certification. Installers on this list have been confirmed by the Department of Advanced Education and Skills to have met the qualification requirements of a Journeyperson Refrigeration and Air Conditioning Mechanic.
    • Registered Electrical Contractor (Electrician) working under permit – Service NL maintains a listing of electrical contractors that are eligible to obtain a permit to do electrical work in Newfoundland and Labrador. Visit Service NL for a list of active electrical contractors in the province
    • The unit also meet the following minimums

    HSPF TABLE1

    Apply Now:

    Newfoundland Power

    Newfoundland and Labrador Hydro – Call 1-888-737-1296

    Terms and Conditions: To be eligible for Energy Efficiency Loan Program Financing, all required information must be completed and submitted, including a valid electricity account number and a copy of final invoice, electrical permit, the original financing loan agreement, and installer checklist if required. Your home and install/service must meet all eligibility requirements. Your home must have been connected to the electrical system for at least 12 months. Offer subject to change or cancellation without notice. Please allow 3-4 weeks for the financing to be reflected on-bill from the date the loan agreement is executed. Newfoundland Power and Newfoundland and Labrador Hydro will not honour warranties and guarantees, and are not responsible for any damage caused by the installation of these products. Newfoundland Power and Newfoundland and Labrador Hydro may visit your home and confirm the installation at any time within 15 months from when the financing was processed.

  • Home Energy Assessment

    A home energy assessment is a useful tool to help understand how much energy your home uses and find ways to reduce your electricity bill. It involves a qualified energy evaluator coming to your home to perform an in-depth assessment of your home’s energy performance. The evaluator will make recommendations for how to make your home more energy efficient.  Eligible applicants can receive EELP low-interest financing of up to $750 over a three year period.

    A home energy efficiency assessment should include the following:

    • a blower door test to measure and identify air leakage in the property,
    • thermal imaging of the envelope using an infrared camera;
    • general inspection of all rooms in the property to identify other potential areas for improvement;
    • a written assessment of the results and recommendations for improvement.

    Let’s talk eligibility:

    • You must be the registered homeowner
    • Electricity must be your home’s primary heating source.
    • You must have at least 12 months history as the primary account holder with Newfoundland Power or Newfoundland and Labrador Hydro.
    • Your home has been connected to the electricity system for at least 12 months.
    • Must be completed by an NRCan Certified Energy Advisor

    *Must meet eligibility. Credit check may be required. *Interest rate subject to change.

    Apply Now:

    Newfoundland Power

    Newfoundland and Labrador Hydro – Call 1-888-737-1296

    Terms and Conditions: To be eligible for Energy Efficiency Loan Program Financing, all required information must be completed and submitted, including a valid electricity account number and a copy of final invoice, electrical permit, the original financing loan agreement, and installer checklist if required. Your home and install/service must meet all eligibility requirements. Your home must have been connected to the electrical system for at least 12 months. Offer subject to change or cancellation without notice. Please allow 3-4 weeks for the financing to be reflected on-bill from the date the loan agreement is executed. Newfoundland Power and Newfoundland and Labrador Hydro will not honour warranties and guarantees, and are not responsible for any damage caused by the installation of these products. Newfoundland Power and Newfoundland and Labrador Hydro may visit your home and confirm the installation at any time within 15 months from when the financing was processed.

  • Questions & Answers

    What is the Energy Efficiency Loan Program (EELP)

    Newfoundland Power and Newfoundland Hydro currently offer the option of financing the purchase and installation of a heat pump, insulation and other technologies through monthly payments on a customer’s electricity bill.

    takeCHARGE is partnering with the Government of Newfoundland and Labrador to subsidize the financing required to purchase and install a qualified heat pump, insulation and/or home energy assessments. This subsidy will be in the form of a reduced interest rate (prime plus 1.5%). Each year there will be a cap or maximum amount of subsidy provided.

    What happens once the cap has been reached?

    Customers can wait to apply until the next program year or they can also choose to avail of Regular Utility Financing at the regular rate of interest of Prime +4%.

    What technologies and services are offered through the Energy Efficiency Loan Program (EELP)?

    • Mini Split Multi Split and Central Heat Pumps
    • Basement and Attic Insulation
    • Home Energy Assessments

    Why only electric heat customers?

    The primary objective of these programs is to take action to reduce the impact on rate payers as a result of rising electricity rates. While all homes in the province will be affected by rising electricity rates, those that heat their homes primarily with electricity will be more impacted than those that heat with other fuel sources such as oil or wood. This is because about two-thirds of energy use in homes is for space heating. The programs aim to improve the affordability of energy efficiency upgrades so that homeowners can reduce their electricity bills and improve comfort levels in their homes.

    Why low interest financing instead of a rebate?

    A low interest financing program was chosen because:

    • Low interest loans can tackle barriers that often prevent homeowners from making energy efficiency improvements, including high upfront costs and access to capital;
    • They allow consumers to pay for their upgrades over time while also achieving energy savings over the same time period; and
    • Ensure resources are targeted at those least able to afford the upfront costs.
    • The loan program supplements the energy efficiency programs already being provide by takeCHARGE, including rebates for insulation.

    I have a Heat Pump loan today. Can I switch to the reduced interest rate?

    No, the reduced rate will apply only to new loans applied for on or after October 31, 2017. Existing loans are excluded.

    Do new homes qualify for Energy Efficiency Loan Program financing?

    No. The property for which the loan is being applied must have a minimum of 12 months history. Customers building new homes typically have more attractive financing options available through their financial institutions.