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.


  1. You must be a residential FortisBC or municipal electricity customer of Grand Forks, Penticton, Summerland or Nelson Hydro.
  2. Your existing primary and backup heating system must be electric.

Loan details

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.