Toronto-based lender Financeit has partnered with the Government of British Columbia (BC) to launch a new, low-interest financing program to help BC residents switch from fossil fuel-based heating systems to energy-efficient heat pumps.
According to data from the BC government, heat pumps are two to three times more efficient than fossil fuel-based space heating.
Financeit will provide five-year loans designed to make it more affordable for BC residents to implement heat pump technology, which the province said reduces pollution and energy costs.
Loans are accessible through CleanBC Better Homes, a provincial program that seeks to reduce the environmental impact of existing buildings. The new program will serve as an alternative source of financing to the rebates already offered via CleanBC.
“We know BC residents are committed to helping reduce energy consumption and greenhouse gas emissions while at the same time wanting to improve the overall energy efficiency of their homes,” said Casper Wong, Financeit’s general manager and COO. “We also understand right now, more than ever, it’s critical to manage household budgets effectively and be thoughtful about purchases that matter.”
The program will provide five-year personal loans of $1,000 to $40,000, with interest rates of zero or 4.99 percent, depending on the heat pump’s efficiency. The BC government has allocated $4.1 million to the program through 2021 to 2022.
“Now more than ever British Columbians need a helping hand to make their homes more energy-efficient and comfortable,” said Bruce Ralston, BC’s minister of energy, mines and petroleum resources. “The low-interest program will make a real difference in the uptake of heat pump technology across the province.”
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According to the BC government, heat pumps are two to three times more efficient than fossil fuel-based space heating, which uses oil, propane, or natural gas and is more energy and cost-intensive.
“We’re continuing to explore and develop new ways to help people improve their homes and reduce carbon emissions by switching to energy-efficient electric heat pumps,” said George Heyman, BC’s minister of environment and climate change strategy. “Access to low-interest loans will provide another avenue for people looking to transition their homes from fossil fuels to clean energy in a more affordable way.”
Trained contractors will guide homeowners through the online loan approval process, either on-site or remotely. In most cases, the program will provide on-the-spot loan approvals for home upgrades.
Financeit is a point-of-sale consumer financing provider that serves the home improvement, vehicle, and retail industries. The company claims its online platform has serviced over 9,000 merchant partners across Canada, with over $1 billion assets in management.