Close

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) and attic and basement insulation (up to $5,000 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 product(s) 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 product(s) or service(s) you’re considering. Then, fill out the applicationĀ 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. Loans may be repaid at any time without penalty. 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 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.

Financing requirements for attic and basement insulation

Rebates and financing are available for insulation upgrades to attic and basement insulation in existing homes. Please note that only electrically heated homes connected to the electricity system prior to January 1, 2014, are eligible for insulation rebates.

You can finance up to $5,000 over 60 months to cover the labour and material costs of an insulation upgrade in a home where electric heat is the primary heating source. Insulation must be in the primary residence and installed according to National Building Code standards.

Once the insulation work is complete, qualifying customers can apply for a rebate through the takeCHARGE Program. Visit takeCHARGE for more details.