Province offering Low-Interest Financing for energy switch

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VICTORIA, B.C – British Columbians who are interested in making the switch from fossil-fuel-based heating to more energy-efficient heat pumps, can now have access to low-interest financing as part of CleanBC.

Depending on what type of heat pumped being chosen by the homeowners, loans could have interest rates as low as 0% for 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. “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.”

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British Columbia’s CleanBC program looks to reduce the environmental impact of any existing buildings and work to waste less energy. Using more clean energy and using it more efficiently in buildings can help greenhouse gas emission to be reduced and air quality can also be improved.

The low-interest loans will be through Financeit, which conforms to all Canadian finance and privacy requirements, and specially trained contractors will guide homeowners through the loan approval process either on-site or remotely. Most cases will see on-the-spot loan approvals for upgrades to make the switch from fossil fuel heat to electric heat pumps.

Around $4.1 million has been allocated to support the Low-Interest Financing Program through the 2021-22 years.

For more information on the program, you can check out the Better Homes BC website.

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