Heat pump loan
You can borrow up to $6,500 at a 1.9 per cent interest rate to upgrade an electric furnace or baseboard heaters to a high-efficiency central or variable speed mini- or multi-split air source heat pump.
- You must be a residential FortisBC or municipal electricity customer of Grand Forks, Penticton, Summerland or Nelson Hydro.
- Your existing primary and backup heating system must be electric.
The low-interest loan can be paid back over a 10-year term. The heat pump must meet energy-efficiency requirements:
- variable speed mini-split: minimum Heating Seasonal Performance Factor (HSPF) of 10 and Seasonal Energy Efficiency Ratio (SEER) of 18
- variable speed multi-split: minimum HSPF of 9.5 and SEER of 16
- central system: minimum HSPF 8.5 and SEER of 15 (aligned with Tier 1)
How to apply
For a loan application, contact us online or call us at 1-866-436-7847.
Prefer a heat pump rebate instead?
You could save up to $2,000 on qualifying high-efficiency heat pumps. Conditions apply.