Canadian Manufacturing

B.C. government to give loans for fuel efficient switch on home heating

The government has set aside $4.1 million for the program

June 29, 2020  The Canadian Press

VICTORIA — The B.C. government is offering loans with interest rates as low as zero for people who want to switch from fossil fuel-based heating systems.

The five-year loans are for conversions to energy-efficient heat pumps that the government says reduce pollution and help save on energy costs.

Space heating is the largest use of energy in homes and the government says in a news release that a heat pump is two to three times more efficient.

The government has set aside $4.1 million for the program, which would provide loans from $1,000 to $40,000 with interest rates from zero to 4.99%.

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The loans are available through the Clean BC program, which aims to reduce the environmental impact of existing buildings.

Environment Minister George Heyman says the low-interest loans provide another more affordable way to transition homes from fossil fuels to clean energy.