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CleanBC Better Homes Low-Interest Financing Program

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Space heating is the largest use of energy in homes. A properly installed heat pump is two to three times more efficient than other alternatives and can provide you with both comfortable heating in the winter and cooling for today’s hot summers.

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The CleanBC Better Homes Low-Interest Financing Program provides loans with interest rates as low as 0% for switching from a fossil fuel (oil, propane or natural gas) heating system to a heat pump.

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CleanBC Better Homes and point-of-sale lender Financeit are working together to bring British Columbians this low-interest financing offer as an alternative to CleanBC Better Homes rebates for eligible heat pumps. Loans are provided by Financeit and accessed via CleanBC Finance Registered Contractors.

Financing Available

  • Interest rates: 0% or 4.99%, depending on heat pump efficiency

  • Loan size: $1,000 – $40,000

  • Amortization period: 60 months (5 years)

Eligibility Requirements

  • Your upgrades must be installed by a finance registered contractor.

  • You must have a residential utility account with FortisBC, BC Hydro or a municipal utility.

  • Your home must be primarily heated with:

  • Natural Gas or piped-propane supplied by FortisBC

  • Natural Gas supplied by Pacific Northern Gas

  • Propane not supplied by FortisBC

  • Oil

  • Premises primarily heated by wood or other solid fuels are not eligible.

  • You must live in an eligible home.

  • The home must have a minimum of 12 months of consecutive utility billing history.

Upgrade Requirements

  • The installed system must be on the Qualifying Product List.

  • The heat pump must become the primary heating system of the home.

  • All fossil fuel heating equipment must be modified, removed or decommissioned.

  • The heat pump must meet the following requirements:

Heat Pump Type

Mini-Split or Multi-split

Efficiency

Efficiency

  • HSPF ≥9.30

  • SEER ≥16

  • Variable speed compressor required

Primary Fuel Before Upgrade

  • Oil,

  • Propane, or

  • Natural gas

Tier 2 Central System

  • HSPF ≥9.30

  • SEER ≥16

  • Variable speed compressor required

  • Oil,

  • Propane, or

  • Natural gas

Tier 2 Central System with fossil fuel back up (dual fuel)

  • HSPF ≥9.30

  • SEER ≥16

  • Variable speed compressor required

  • Propane, or

  • Natural gas

Air-to-Water Heat Pump

  • Propane, or

  • Natural gas

Interest Rate

0%

0%

4.99%

4.99%

Comparing Payment for Tier 1 and Tier 2 Heat Pumps

Example: Heat Pump Units

Tier 1 Unit

Example Install Cost: $10,000

$188.86/month

Interest incurred: $1319.60​

  • Rate: 4.99%

  • Total Loan Cost: $11,319

  • Amortization: 60 months

Tier 2 Unit

Example Install Cost: $12,000

$200/month

Interest incurred: $0

  • Rate: 0%

  • Total Loan Cost: $12,000

  • Amortization: 60 months

Upgrade to the most energy-efficient heat pump by using the CleanBC Better Homes Low-Interest Financing Program. In this example, by applying for the 0% 60-month program, you can get a more efficient, higher quality Tier 2 heat pump for less than $12 more per month compared to a Tier 1 heat pump. Over 5 years, a Tier 2 heat pump costs less than $700 more in total payments.

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