We’re excited to partner with the provincial government to deliver low-interest financing on heat pumps and insulation! The program will launch this fall, so check back for details.
Here are some highlights from today’s announcement. View full release.
Last week, as part of Budget 2017, the Provincial Government announced $9 million in funding over three years for two new home-energy-efficiency programs. Government will provide financial assistance to homeowners looking to reduce their energy costs by improving the energy efficiency of their homes.
The Home Energy Efficiency Loan Program (HEELP) will provide low-interest loans for energy efficiency home upgrades. Through the HEELP, qualifying home owners whose homes are reliant on electric heat can receive financing of up to $10,000 over five years for heat pumps and insulation. The program features low-interest financing of Prime plus 1.5 per cent, and will be delivered by the Office of Climate Change in partnership with Newfoundland Power and Newfoundland and Labrador Hydro over three years.
The Home Energy Savings Program (HESP) will provide low-income households with grants of up to $5,000 for cost-effective upgrades in existing homes with electric heat, focusing on insulation and air sealing. The HESP will be delivered over three years by the Newfoundland and Labrador Housing Corporation.
Funding in 2017-18 for HESP is $1 million, rising to $2 million in 2018-19 and 2019-20. The program will launch on July 4, 2017. Funding for HEELP is $1 million in 2017-18, rising to $1.5 million in 2018-19 and 2019-20. This program will launch in October 2017. For a breakdown of these programs, please see the backgrounder below.
“Our government is committed to helping homeowners improve the energy efficiency of their homes in the face of rising energy costs. Through two new energy efficiency upgrade programs, homeowners who rely on electric heat will be able to reduce their electricity bills while simultaneously improving the comfort of their homes. Energy efficiency also plays an important role in helping tackle climate change, a key priority of our government.”
Honourable Perry Trimper
Minister Responsible for Office of Climate Change
“Our customers care about saving energy and saving money. That’s why we offer many rebate programs aimed at helping homeowners make their homes more energy efficient and comfortable. We are happy to partner with government in delivering this new, low-interest financing program so customers can install products that will provide energy savings over the long term.”
Chief Operating Officer, Newfoundland Power Inc.
“Newfoundland and Labrador Hydro is committed to providing customers with information, tools and programs that help people make smart decisions about their energy usage. We actively promote energy efficiency and conservation to our customers and provide support through several initiatives. We are pleased today to see government’s commitment to helping home owners by providing access to energy efficiency upgrades at low financing rates.”
Vice President, Regulatory Affairs and Corporate Services, Newfoundland and Labrador Hydro
Home Energy Efficiency Loan Program (HEELP)
• Investment of $4 million over three years.
• Eligible applicants can receive low-interest financing of Prime plus 1.5 per cent for up to $10,000 over five years to purchase and install heat pumps and insulation.
• HEELP will be delivered by the Office of Climate Change, in partnership with takeCHARGE, a joint energy efficiency initiative between Newfoundland Power and Newfoundland and Labrador Hydro.
• Will begin accepting applications in October 2017.
• Program is open to existing homes. Eligible households must use electricity as their primary heating source and consume a minimum of 15,000 kWh annually.
• For HEELP, as with any financing program, a credit check is required.
Check back in the fall for full program details.