Financing Details


If you want to avail of financing, first, talk to a retailer or contractor to get a price quote on the products or services you desire. Next fill out the Newfoundland and Labrador Hydro Financing Application  or call a Customer Service Representative at 1-888-737-1296 and advise them you would like to apply for financing. Email your quote and application to

Hydro will review the quote and initial application. If approved for further checks, the customer will be sent the steps to continue with the financing process.

Upon approval, a loan agreement will be sent to be signed by the homeowner and installer. Hydro pays the invoice directly to the contractor or retailer and the monthly finance amount is then added to your electricity bill.


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.


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, when a customer signs the loan agreement, the interest rate in effect at that time becomes fixed for the period of the loan.

Please note if you terminate your account before the loan has been repaid 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.

Heat Pump Requirements

Newfoundland and Labrador Hydro financing covers the installation and purchase costs of the following types of heat pumps:

  • Ductless mini & 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 the customers 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 a heat pump, how it works and the different types available.

Insulation Requirements

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

Customers can finance up to $5000, 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 is to be in the primary residence and installed to National Building Code standards.

To obtain insulation rebates, customers should visit the takeCHARGE website or contact Hydro via phone or e-mail. Once the insulation work is complete qualifying customers can apply for a rebate through the takeCHARGE Program. Visit takeCHARGE for more details.