VICTORIA — The B.C. government is offering loans with interest rates as low as zero for people who want to switch from fossil fuel-based heating systems.
The five-year loans are for conversions to energy-efficient heat pumps that the government says reduce pollution and help save on energy costs.
Space heating is the largest use of energy in homes and the government says in a news release that a heat pump is two to three times more efficient.
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The government has set aside $4.1 million for the program, which would provide loans from $1,000 to $40,000 with interest rates from zero to 4.99 per cent.
The loans are available through the Clean BC program, which aims to reduce the environmental impact of existing buildings.
Environment Minister George Heyman says the low-interest loans provide another more affordable way to transition homes from fossil fuels to clean energy.
This report by The Canadian Press was first published June 29, 2020.
The Canadian Press