CleanBC Better Homes Low-Interest Financing Program

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 a promotional interest rate of 0% for switching from 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.

CleanBC Better Homes Low-Interest Financing Program

Overview

Rebate amount

Up to a $40,000 loan

Who can apply

You must have a residential utility account with FortisBC, BC Hydro or a municipal utility.

Deadline

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.

Qualifying products

View the Qualified Heat Pump Product List. View the Air-to-Water and Combination Heat Pump Qualifying Product List.

Funding provided by

The Province of British Columbia

Loans are provided by Financeit and accessed via a CleanBC Finance Registered Contractors. Applicants can apply for the low-interest financing offer or a heat pump rebate, not both.

Rebate amount

Requirements

HSPF ≥ 10.00 and SEER ≥ 16.00
or HSPF2 ≥ 8.50 and SEER2 ≥ 15.20*

Variable speed compressor required

Must be on the Qualified Heat Pump Product List or the Air-to-Water and Combination Heat Pump Qualifying Product List

Heat pump

Rebate

Ductless mini-split heat pump

0% financing

Ductless multi-split heat pump

Minimum two indoor head units

0% financing

Central ducted heat pump (Tier 2)

0% financing

Dual fuel central ducted heat pump

0% financing

Air-to-water heat pump

0% financing

*The CleanBC Low-Interest Financing Program will accept either the HSPF/SEER or HSPF2/SEER2 testing standard data from AHRI. The new HSPF2/SEER2 testing standard tests heat pumps to a higher standard that better represents homes in Canada, resulting in different efficiency data. An eligible heat pump that meets either the HSPF/SEER requirements or the HSPF2/SEER2 requirements and is on our qualified product list will qualify for a rebate.

Related rebates

Select related rebates can be accessed in addition the CleanBC Low-Interest Financing Program:

$500 for an electric service upgrade to 100, 200, or 400 amp service.
Up to $6,000 from select municipalities with municipal top-up rebates.
Up to $500 with the Heat Pump Group Purchase Rebate (GPR) when you switch to a heat pump and refer your friends.
A heat pump upgrade counts toward the Two Upgrade Bonus or the Home Energy Improvement Bonus.

Eligibility requirements

Requirements for the home

The home must be a year-round primary residence that is at least 12 months old.
You must have a residential utility account with FortisBC, BC Hydro, or a municipal utility.
The home must be one of the following types:
- Single family home (detached dwelling).
- Secondary suite in a single-family home (detached dwelling), with its own separate utility meter.
- Mobile home that is permanently fixed, sits on a foundation and is structurally complete with installed and connected plumbing, heating, electrical, water and sewer services; towing apparatus and axle must be removed.
- Duplex, triplex, row home or townhome, where each unit has its own natural gas and/or electricity meter; utility accounts must be in the name of the resident and/or homeowner. Utility accounts in the name of a strata corporation are not eligible.
The home must be primarily heated by one of the following:
- Natural Gas or piped-propane supplied by FortisBC
- Natural Gas supplied by Pacific Northern Gas
- Propane not supplied by FortisBC
- Oil
Premises primarily heated by electricity, wood or other solid fuels are not eligible.

Requirements for your contractor

Your upgrades must be installed by a Finance Registered Contractor.

Requirements for the upgrade

The installed system must be on the Qualified Heat Pump Product List or the Air-to-Water and Combination Heat Pump Qualifying Product List.
The installed system must be an eligible system. For eligibility details, see:

The Low-Interest Financing Program is administered 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.

Additional details

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 Better Homes and Home Renovation Rebate Program 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 rebates from the CleanBC Better Homes and Home Renovation Rebate 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.
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.

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.

How to apply

Before you begin

Carefully read the Financing Eligibility Requirements and Terms and Conditions to confirm your eligibility.
Contact a Finance Registered Contractor to get a quote for an eligible heat pump and start the financing application process.
Complete a loan pre-approval application with the Finance Registered Contractor. Within minutes of submitting online, you will be approved or declined.
If approved, complete your loan agreement and proceed with the installation of your heat pump.
If declined, check out the equivalent heat pump rebate from the CleanBC Better Homes program.
Once your heat pump has been installed, complete 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.
Begin repayments on your loan.