Photo Credit: Francis McDonald
Upgrading your heating and cooling system is a great way to save on your energy bills every month, and as reducing greenhouse gas emissions becomes the priority for more and more governments, incentives and rebates on eco-friendly heat pumps are becoming commonplace.
It’s true that it was never been easier to save on your geothermal heat pump cost, because of the many rebates and incentive programs available. Here’s our quick guide on how to save money on heat pumps in Halifax and Nova Scotia.
Efficiency Nova Scotia’s Rebates and Financing on Heat Pumps
The first organization in Nova Scotia that offers ways to save money on all types of heat pump installations, including our new air to water heat pump, is Efficiency Nova Scotia.
Efficiency Nova Scotia offers financing or cash rebates to homeowners looking to upgrade their heating and cooling systems. You can choose between either a $1,900 rebate on the cost of your heat pump, or 2% financing up to $15,000 through TD Bank. You have to choose one of these options, you can’t choose both. This rebate is only available to homeowners who use electricity as their primary source of heating.
To apply, you will need to submit the Green Heat Pre-Approval form. Efficiency Nova Scotia will contact you to confirm your eligibility. Once you receive approval for the program, you’ll choose whether you want the rebate or the financing.
If you choose the rebate, you can go ahead and arrange to have your heat pump installed, and once it is complete, you’ll submit your Green Heat Completion form. This form must be submitted no more than six months after you receive pre-approval.
If you choose the financing option, you’ll need to apply for credit through Efficiency Nova Scotia. Once you are approved for financing you can arrange to have your heat pump installed, and once the installation is complete, an official from Efficiency Nova Scotia will visit your home and verify the installation. Once the installation has been verified, Efficiency Nova Scotia will forward the outstanding payment to your contractor and you’ll begin making payments to TD Bank.
Nova Scotia’s Power’s Heat Pump Financing Program
Nova Scotia Power also offers a heat pump financing program through their Heat Pumps Set You Free campaign. This program allows you to work with one of their qualified heat pump installers to upgrade your heating and cooling system to an energy efficient heat pump.
Nova Scotia Power will finance your installation at competitive rates for up to 10 years. Here are the available interest rates:
|4.9%||3 - 5 Years|
|6.9%||6 - 10 Years|
To apply, choose a contractor from their list of approved contractors and get an estimate for your new heat pump system. You’ll then complete a credit application and once you’ve been approved for financing, you can arrange to have your heat pump installed. After the installation is complete, you and your heat pump installer will complete the financing agreement, and your installer will forward the agreement to Nova Scotia Power.
Nova Scotia Power will then pay the contractor, and you’ll see your first payment appear on your next Nova Scotia Power bill. You can pay off your loan balance at any time with no penalty, and at the end of your loan term, Nova Scotia Power will transfer ownership of the equipment to you for $1.
Take advantage of these incentives now! Find an installer near you to get your free, customized quote!