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FAQs Categories

Low-Interest Financing Program

How can I apply for low-interest financing?

You can apply for financing through a Finance Registered Contractor who will help you apply for financing in person, or they’ll send you a private application link so that you can apply on your own.

For more information, check out the Low-Interest Financing Program.

Which costs does the Low-Interest Financing Program cover?

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.

For more information, check out the Low-Interest Financing Program.

How can I get approved for financing?

Financeit approves applicants based on their credit reports. Submit a loan application through your Finance Registered Contractor. If your application is declined, there are alternate steps that you can take to get approved. Adding a co-borrower or providing proof of income are potential options. If your application is still declined, check out the equivalent heat pump rebate from the CleanBC Better Homes program.

For more information, check out the Low-Interest Financing Program.

Can Energy Coaches verify if I am eligible for financing?

CleanBC Energy Coaches cannot verify your eligibility for financing. Financing is provided by FinanceIt. When you submit a loan application through your Finance Registered Contractor you will need to provide consent to Financeit to obtain your credit report.

For more information, check out the Low-Interest Financing Program.

Do I have to have a minimum down payment?

No. A down payment is not required.

For more information, check out the Low-Interest Financing Program.

How much money can I borrow?

Loans must be at least $1,000 and not exceed $40,000 and can be amortized for up to 60 months (5 years).

For more information, check out the Low-Interest Financing Program.

What will my interest rate be?

Interest rates are either 0% or 4.99% depending on the efficiency of the heat pump you install. The 0% interest rate is available for higher efficiency equipment. Check with your contractor to determine what interest rate will apply; eligible systems are listed on the Heat Pump Qualifying Product List.

For more information, check out the Low-Interest Financing Program.

What is the amortization period? Can I pay off my loan early? Are there any penalties?

Loans can be amortized for up to 60 months. Customers can repay early at any time without penalty.

For more information, check out the Low-Interest Financing Program.

How much do heat pumps cost? What will my payments be if I use financing?

The installation cost for a heat pump varies based on the type, make and model, size, and efficiency of the heat pump. For a $12,000 loan at 0% interest for 60 months, the payment would be $200/month.

For more information, check out the Low-Interest Financing Program.

What documents will I need to provide to apply for financing?

You’ll need a piece of government-issued photo ID and a void personal cheque to set up automated debit payments. In some cases, you may need to provide proof of income.

For more information, check out the Low-Interest Financing Program.

Can I access financing and receive a rebate for my heat pump installation?

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.

Regardless of which offer you participate in, eligible heat pump installations will count towards the Two Upgrade Bonus and the Home Energy Improvement Bonus and your application will be assessed for applicable Municipal Top-ups.

For more information, check out the Low-Interest Financing Program.

Which lender can I access the Low-Interest Financing Program through?

The Low-Interest Financing Program is currently only accessible through FinanceIt.  You cannot access the Low-Interest Financing Program through other lenders.  If you decide to access financing through a different lender, you can still apply for the CleanBC Heat Pump rebates.

For more information, check out the Low-Interest Financing Program.

Can I access the Low-Interest Financing Program through a different lender?

No. 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 information, check out the Low-Interest Financing Program.

Who will have access to my financial information?

All private financial information will be held by Financeit, the lender. Financeit collects financial information in their loan application in order to determine loan eligibility and complete the loan application process. Financeit retains all financial information and will not share financial information with the government, BC Hydro, FortisBC, or Energy Coaches. See www.betterhomesbc.ca/financing-privacy for more information.

For more information, check out the Low-Interest Financing Program.