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Financing options for Heat Pumps, In Atlantic Canada

Discover the financing and rental options available to homeowners looking to upgrade their home heating and cooling to a heat pump-


Most of the Atlantic provinces have heat pump rebate programs available to lessen the upfront cost of purchasing a heat pump. However, there are also plenty of financing options available to help homeowners with their heat pump purchase and save on their energy bills over the long term.

In this article, we’ll cover many of the financing options available to homeowners in each province through their local power utilities along with other conventional financing routes.


Nova Scotia


Residents of Nova Scotia can access heat pump financing through Nova Scotia Power. Nova Scotia Power offers to finance at a fixed rate of 7% over a term of 3 to 10 years. The cost of the financing is added directly to their monthly utility bill. Better yet, the financing agreement with Nova Scotia Power is lease-to-own, meaning that at the end of the term, the homeowner would then own the heat pump.

To access this financing, contact an approved Nova Scotia Power contractor, like us at SCOTIA HVAC. Upon choosing us, we will help facilitate the credit application. Upon approval, the heat pump contractor will be able to install your heat pump system.

Find more information on the Nova Scotia Power Heat Pump financing program here.

SCOTIA HVAC in Nova Scotia may offer other financing options at competitive rates with the availability of multiple lenders and financing options.. Contact us today for an in-home free consultation.


New Brunswick


The landscape for financing heat pumps through a power utility in New Brunswick is quite limited compared to other provinces. Aside from rebates, the only other programs available from utilities to access heat pump financial assistance are rental programs, as opposed to traditional financing.

Despite having a robust heat pump rebate program, NB Power currently has no heat pump financing or rental program. Instead, heat pump rental programs are facilitated by the province’s other small utilities, Saint John Power and Perth-Andover Light Commission.

A lack of heat pump financing or rental options from NB Power certainly limits the opportunities for many homeowners throughout the province who would like to take advantage of a provincial program. However, below, we’ll outline the regions where heat pump rentals are available.


Saint John Energy Heat Pump Rental

Although Saint John Energy typically operates within the city limits of Saint John, its heat pump rental program has expanded to serve NB Power customers in Fredericton and Moncton.

At first glance, a heat pump rental program may seem less attractive to those who would initially seek financing. With a rental program, the renter would not take ownership of the heat pump at the end of the term. However, when renting a heat pump, the rates are very affordable to most homeowners, ranging from 49.99/month for a 9,000 BTU heat pump, and $63/month for a 24,000 BTU heat pump system. These rates could be considerably less than the monthly payments for financing a heat pump in the short to medium term (3 to 5 years), where the monthly could exceed $100/mo.


Fill out this form to request an in-home assessment. From there, a representative will meet with you to review the layout of your home, and your heating and cooling needs to determine which heat pump is right for your home.

See the full Saint John Energy rental rates here


Perth-Andover Light Commission

It is also worth noting that the village of Perth-Andover has a heat pump rental program for residents in the areas between Woodstock and Grand Falls. Prices for this heat pump rental program are similar to those in the Saint John Energy program. Prices range from $51/moth for a 9,000BTU heat pump to $53/Mo for a 15,00BTU heat pump. Note that this program only involves ductless mini-split units.

See the program details here.


Prince Edward Island


Efficiency PEI’s Energy Efficiency Loan Program allows homeowners in the province to finance up to $10,000 in energy-efficient home upgrades, which includes financing for heat pumps. The term maximum for the loan is seven years and comes in at a fixed interest rate of 5% (2% lower than Nova Scotia Power’s rate).

To learn more about financing a heat pump through Efficiency PEI, see the program overview here.


Newfoundland and Labrador



Newfoundland and Labrador has two power utilities, each having their heat pump financing option for their customers. The Government of Newfoundland and Labrador also has a financing subsidy. See each option outlined below.


Newfoundland Power Heat Pump Financing


Newfoundland Power offers to finance the cost and installation of ductless (mini-split), central ducted, and geothermal heat pumps that have been installed by a certified dealer. Like many other programs, you are required to submit your quotes for approval before installation. The interest cost for this program comes in higher than in the Nova Scotia and PEI programs at 7.95% (Prime plus 4%). See here to learn more of the specific program details.


Newfoundland and Labrador Hydro


Customers of Newfoundland and Labrador Hydro have access to a nearly identical program to that of Newfoundland Power. Customers can finance the cost and installation of ductless (mini-split), central ducted, and geothermal heat pumps. This program also has a reasonably high-interest rate compared to other programs, at Prime + 4%. See here for more program details, and the program application.


Energy Efficiency Loan Program


For homeowners whose primary heating source is electricity, TakeCharge (a government initiative) offers a lower interest financing program for heat pumps. The goal of this program is to subsidize the financing that is done by province’s power utilities and offer a reduced interest rate of 5.45%. This program will allow homeowners to finance a heat pump system for that rate for up to $10,000 for a maximum of five years. Each year, there will be a cap for the amount of the subsidy provided, so not everyone may qualify for this interest rate.


Heat Pump Dealer Financing


Your local Scotia HVAC dealer may offer other financing options at competitive rates. Contact us today for an in-home Free consultation. During your consultation, you’ll talk to an expert who will walk you through your options and help you choose the heat pump that is best for your home.

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