Power Smart Residential Loan
Make your home more comfortable and energy efficient with Manitoba Hydro's Power Smart Residential Loan!
The loan covers the following measures: adding insulation, installing ventilation, sealing air leaks, replacing windows and doors, lighting, electrical service and wiring, and upgrading the efficiency of your existing furnace or water heater. It does not cover central air conditioning.
The borrowing Limit:
Borrow up to $7,500 per residence. Up to $5,500 of that may be put toward the purchase of a high efficiency natural gas furnace. The maximum term is 5 years for all energy efficiency upgrades and 15 years for the purchase of a high efficiency natural gas furnace.Annual interest rate is fixed at 4.8 per cent (O.A.C.) for the first 5 years. Monthly installments will be included on your energy bill. Applicant must be a Manitoba Hydro customer and the owner of the home in which energy improvements are to take place. Upgrades must be made to levels recommended by Manitoba Hydro. (The loan does not apply to central air conditioning)
Energy Finance Plan
The Energy Finance Plan is convenient, on-bill financing for upgrades to gas and electrical systems and is available to Manitoba Hydro residential, commercial, farm, and seasonal customers.
Borrow up to $5,000.00 per residence.
The minimum allowable loan amount is $500.
The maximum financing term is 5 years.
The minimum monthly payment is $15.
Current interest rate is 6.75%.
No down payment required.
All work must be performed by a qualified electrician or a licensed contractor who is a participant in the Energy Finance Plan.
Credit approval must be pre-arranged.
Repayment of the loan is the responsibility of the homeowner and not the tenant.
The loan becomes due and payable when the house is sold; the loan is not transferable.
Financing is not eligible for homes under construction, unoccupied homes, or projects in progress or already completed.
Financing through the Energy Finance Plan is available for:
Upgrades to electrical service entrance and panel board equipment;
Wiring circuits and associated equipment;
Natural gas piping, venting, ductwork, delivery, permit cost, and taxes;
Central air conditioning systems (must have a minimum SEER of 13.0);
Electric/conventional natural gas water heaters (electric must meet CSA C-191 standard);
Electric and natural gas furnaces/boilers for seasonal, farm, and commercial customers;
Combination heating systems;
Unit heaters (natural convection, forced air, or forced air infrared);
Direct vent natural gas fireplaces (built-in and free-standing);
Security lighting and fixtures (wiring changes must be made as part of other electrical and energy improvement work);
Gas pool heaters;
Permanently installed dehumidifiers (hard-wired);
Permanently installed air purifiers (hard-wired);
Air source heat pumps.
Financing is not available for:
Wiring and related equipment for buildings not previously supplied with electrical service;
Purchase of these free-standing or built-in-appliances:
Water pressure systems;
Garbage disposal units;
Any natural gas product not installed by a licensed gas fitter;
Masonry or carpentry for mantels, hearths, etc. (unless part of a larger project);
Companion appliances purchased independently;
Ductwork (unless part of a larger project);
Any replacement parts.
Power Smart PAYS Financing
Our Power Smart PAYS Financing is a convenient and affordable financing option if you want to make energy efficiency upgrades to your home.
PAYS Financing covers upgrades for:
Space heating equipment;
Water heating and water conservation:
Water heating equipment;
Toilets (only eligible for financing with one of the above upgrades).