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Heat Pump & Insulation Financing

We value your investments in energy efficiency. That’s why we offer a financing plan for heat pumps (up to $10,000 over 60 months).Financing is available at a rate of Prime +4% to residential customers who:

  • have an active account
  • own the premises for which the financing is required
  • have a satisfactory collection/credit status with no arrears and no active or unmet collection activities in the last 12 months
  • will be installing the heat pump in their primary residence

Please note that customers who rent or have a rental-purchase agreement or who have had a notice of disconnection issued against them in the last 12 months are not eligible for financing.

How do I apply for financing?
If you’re interested in financing, talk to your retailer or contractor to get a quote on the heat pump you’re considering. Then, fill out the application¬†form or call a Customer Service Representative at 1-888-737-1296. You can then email your quote and application to financing@nlh.nl.ca.

We’ll review the quote and your application form. If approved, you’ll be contacted with details of the steps required to complete the financing request. Upon final approval, both you and your contractor will be required to sign a loan agreement. We’ll pay the contractor’s invoice directly and add the monthly finance amount to your electricity bill.

How do I make a payment?
It’s easy. Payments are made through your monthly electricity bill.¬† Please note these loans are not life insured.

How much will my payment be?
Your payment will be based on the amount of your purchase and the interest rate of Prime +4%. Interest rates are subject to change on a quarterly basis. However, the interest rate in effect at the time of signature is fixed for the period of the loan.

Please note that if you close your account before you’ve repaid the loan in full, the remaining balance and term can be transferred to your new account. If you do not have another active account, the remaining balance will become due on your final bill.

Financing requirements for heat pumps

Our financing plan covers the installation and purchase costs of the following types of heat pumps:

  • Ductless mini-split and multi-split heat pumps
  • Central ducted air source heat pumps
  • Ground source (geothermal) heat pumps

To receive financing approval:

  1. The heat pump installer must be certified to perform the work. The heat pump must be installed in your primary residence by a Journeyperson Refrigeration and Air Conditioning Mechanic and a Registered Electrical Contractor working under permit. Installers must show proof of certification ( their IP# from their Red Seal Certificate) to participate in our financing program. A copy of the electrical permit must be submitted.
  2. Ductless split heat pumps must meet minimum equipment requirements to be eligible for financing. A mini-split (one indoor unit) must have a Heating Seasonal Performance Factor (HSPF) of 10 or higher, while a multi-split (multiple indoor units that can be controlled independently) must have an HSPF of 9 or higher.

Visit takeCHARGE to learn more about the benefits of heat pumps, how they work, and the different types available.