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Space heating is the largest use of energy in homes. A properly installed heat pump is two to three times more efficient than other alternatives and can provide you with both comfortable heating in the winter and cooling for today’s hot summers.

The CleanBC Better Homes Low-Interest Financing Program provides loans with interest rates as low as 0% for switching from a fossil fuel (oil, propane or natural gas) heating system to a heat pump.

CleanBC Better Homes and point-of-sale lender Financeit are working together to bring British Columbians this low-interest financing offer as an alternative to CleanBC Better Homes rebates for eligible heat pumps. Loans are provided by Financeit and accessed via CleanBC Finance Registered Contractors.

Financing Available

  • Interest rates: 0% or 4.99%, depending on heat pump efficiency
  • Loan size: $1,000 – $40,000
  • Amortization period: 60 months (5 years)

Eligibility Requirements

 Upgrade Requirements

  • The installed system must be on the Qualifying Product List.
  • The heat pump must become the primary heating system of the home.
  • All fossil fuel heating equipment must be modified, removed or decommissioned.
  • The heat pump must meet the following requirements:
Heat Pump Type Efficiency Primary Fuel Before Upgrade

Interest Rate

Mini-Split or Multi-split
  • HSPF ≥9.30
  • SEER ≥16
  • Variable speed compressor required
  • Oil,
  • Propane, or
  • Natural gas

0%

Tier 2 Central System
  • HSPF ≥9.30
  • SEER ≥16
  • Variable speed compressor required
  • Oil,
  • Propane, or
  • Natural gas

0%

Tier 2 Central System with fossil fuel back up (dual fuel)
  • HSPF ≥9.30
  • SEER ≥16
  • Variable speed compressor not required
  • Propane, or
  • Natural gas

0%

Tier 1 Central System
  • HSPF ≥8.50
  • SEER ≥15
  • Variable speed compressor not required
  • Oil,
  • Propane, or
  • Natural gas

4.99%

Air-to-Water Heat Pump
  • Oil,
  • Propane, or
  • Natural gas

0%


Comparing Payments for Tier 1 and Tier 2 Heat Pumps 

Example: Heat Pump Units

Tier 1 Unit

Tier 2 Unit

Example Install Cost: $10,000 Example Install Cost: $12,000

$188.66/month

$200/month

Interest incurred: $1319.60

  • Rate: 4.99%
  • Total Loan Cost: $11,319
  • Amortization: 60 months
Interest incurred: $0

  • Rate: 0%
  • Total Loan Cost: $12,000
  • Amortization: 60 months
  • Upgrade to the most energy efficient heat pump by using the CleanBC Better Homes Low-Interest Financing Program. In this example, by applying for the 0% 60-month program, you can get a more efficient, higher quality Tier 2 heat pump for less than $12 more per month compared to a Tier 1 heat pump. Over 5 years, a Tier 2 heat pump costs less than $700 more in total payments.

 How to Apply

  1. Carefully read the Financing Eligibility Requirements and Terms and Conditions to confirm your eligibility.
  2. Contact a Finance Registered Contractor to get a quote for an eligible heat pump and start the financing application process.
  3. Complete a loan pre-approval application with the Finance Registered Contractor. Within minutes of submitting online, you will be approved or declined.
  4. If approved, complete your loan agreement and proceed with the installation of your heat pump.
  5. If declined, check out the equivalent heat pump rebate from the CleanBC Better Homes program.
  6. Once your heat pump has been installed, completed the CleanBC Better Homes Low-Interest Financing Program Application and sign the letter of completion provided by your Finance Registered Contractor. Your Finance Registered Contractor will submit all paperwork on your behalf.
  7. Begin repayments on your loan.

Additional Rebates Available

  • Select municipalities have Municipal Top-Up rebates of up to $6,000 that can be accessed in addition to financing when converting from a fossil fuel (oil, propane or natural gas) heating system to a heat pump. Applicable municipal top-up rebates will be issued automatically. No additional application is required. Please allow up to 90 days for processing.
  • The Electrical Service Upgrade Rebate is available for upgrading your electrical service to 100, 200 or 400 amp service for your home when upgrading from a fossil fuel heating system to a heat pump. The rebate will be issued automatically. No additional application is required.
  • Your heat pump upgrade counts toward the Two Upgrade Bonus or the Home Energy Improvement Bonus. Apply for bonus offers using the online application.

 Deadlines

  • The loan agreement and CleanBC Better Homes Low-Interest Financing Program Application must be submitted prior to signing the letter of completion from your Finance Registered Contractor and the funding of the loan.
  • If you are completing a second upgrade in addition to your financed heat pump and applying for the Two Upgrade Bonus, the application form for the Two Upgrade Bonus must be submitted within 6 months of the second bonus-eligible upgrade. You must complete your second bonus-eligible upgrade within 18 months of the invoice date of the first bonus-eligible upgrade.
  • If you are completing multiple upgrades in addition to your financed heat pump and applying for the Home Energy Improvement Bonus, the application form for the Home Energy Improvement Bonus and Post-Upgrade EnerGuide Home Evaluation Rebate must be submitted within 6 months of the date of your post-upgrade EnerGuide home evaluation. You must complete your post-upgrade EnerGuide home evaluation within 18 months of your pre-upgrade EnerGuide home evaluation.

 Other

  • Financing is provided by FinanceIt Canada Inc. CleanBC Energy Coaches cannot verify your eligibility for financing. When you submit a loan application through your Finance Registered Contractor you will need to provide consent to Financeit to obtain your credit report.
  • Customers can repay early at any time without penalty.  No down payment is required to participate.
  • The loan covers the cost of the heat pump installation including equipment and labour. The cost of a new furnace that is installed as part of a dual fuel system is not covered.
  • Applicants may apply for the Low-Interest Financing Program or a CleanBC Home Efficiency Rebate for eligible heat pump installations but not both. If you receive financing for your heat pump installation you are no longer eligible for a rebate for the heat pump or for other rebate-eligible primary heating systems.
  • The Low-Interest Financing Program is only available through Financeit. You can still access up to $3,000 from the CleanBC Home Efficiency Rebates program for eligible heat pump installations if you do not participate in the Low-Interest Financing Program or if you use financing from a different lender.
  • For more Low-Interest Financing Program Frequently Asked Questions, see the CleanBC Better Homes Program Eligibility FAQs.
  • See What are the heat pump requirements for the CleanBC Better Homes and Home Renovation Rebate Program? for more information on the heat pump requirements.
  • If you are planning to replace your space heating system and water heating system with a combination space & water heating system, you may be eligible for rebates—please see here for more information.
  • What do the CleanBC Better Homes and Home Renovation Rebate Programs define as my Primary Heating System?
  • Check out our rebate search tool for other energy efficiency upgrade rebates.
  • Did you see a building science or energy efficiency term you did not understand? Check out our glossary.
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