Heat Pump & Insulation Financing

We value your investments in energy efficiency. That’s why we offer a financing plan at a rate of Prime +4% to residential customers.

Application Process
• Get a price quote on the products or services you desire (see program requirements below)
• Complete the  Hydro Financing Application 2021 or call a Customer Service Representative at 1-888-737-1296.
• Submit the quote and application to
• The application will be reviewed and Hydro will communicate the status of your application through email (preferable) or mail
• Once financing is approved, you will be sent a loan agreement to complete
• When the purchase or installation is complete, the completed agreement and invoice is to be sent to Hydro.
• Hydro pays the invoice directly to the retailer or contractor providing the product or service
• The monthly finance amount is then added to your monthly electricity bill. Please note these loans are not life insured.
• 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
• Have an active Hydro electricity account
• Own the premises for which the financing is required
• Have a satisfactory Hydro collection/credit status with no arrears and no active or unmet collection activities in the last 12 months
• Will be installing the heat pump/insulation in their primary residence
• For insulation financing: your primary source of heat must be electric and the home must have been connected to electricity system prior to Jan. 1, 2014. If an additional heating source is used your home must have a minimum annual electricity usage of 15,000 kilowatt hours (kWh)
• Customers are not eligible for financing if they have had a notice of disconnection issued against them in the last 12 months or if they rent or have a rental-purchase agreement.

Heat Pump Financing Requirements
Customers can finance up to $10,000, over 60 months, to cover the labour and material costs of a heat pump.
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:
• 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.
• 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.

Insulation Financing Requirements
• Customers can finance up to $2,500, over 48 months, to cover the labour and material costs of an insulation upgrade. Rebates and financing are available for insulation upgrades to attic and basement insulation in existing homes.
• Financing is offered for attics and basement/crawl space walls or basement/crawl space ceiling upgrades, but not both.
• All types of CSA-approved insulation with a verifiable R-Value are eligible including batt, rigid board, loose fill blown in and spray foam.
• The R-Value of the insulation materials must meet the minimum and maximum R-Value requirements after the insulation is installed. Visit takeCHARGE Project Eligibility to see the R-Value requirements.