How to Finance the Purchase of a Heat Pump in your New Home

An important consideration when purchasing a home is how energy efficient it is, and what will it cost to heat and cool (if you choose to use air conditioning).

The majority of homes in Nova Scotia cost between $2,500 to $3,500 a year to heat. Add on top of this other utility expenses such as hot water, lights, and appliances, and it can get pretty pricey.

Installing a heat pump system is a sure fire way to help reduce the cost of home operation.

To help you install a heat pump in your new home, there are several programs you can take advantage of.

Mortgage Purchase Plus Improvements

The most popular program we see homeowners take advantage of is the purchase plus improvements plan offered through most banks and mortgage brokers.

If the home you’re buying is not retrofitted with a heat pump, then you can build the cost of installation into your mortgage and finance it at the lowest interest rate your mortgage provides.

This is a good decision as it’s a piece of equipment that stays with the home and can improve resale value if you are to sell.

To discuss purchase plus improvements you will need:

  1. To receive a quote for a heat pump system in the home you are purchasing
  2. Talk with your bank or mortgage professional the amount you would like to add to your mortgage

If you’re purchasing a home, please contact us at Conroy’s Refrigeration to arrange an evaluation of the home, and we will provide an estimate for a heat pump system.

CMHC Insurance Rebates

A program that is not that well known is the CMHC Green Home program. This program qualifies homeowners to complete green energy upgrades to the home and receive a rebate of their CHMC insurance fees up to 25%.

One such upgrade that qualifies is a heat pump system.

There are more details on the CMHC website about this program, but you must have a home energy audit completed on the home before and after the energy upgrades are completed.

Get in touch with us at Conroy’s Refrigeration, and we can direct you to a qualified energy audit company in your area.

Nova Scotia Power Financing

If you’re not interested in purchase plus improvements to add a heat pump to your new home, then you might consider Nova Scotia Power’s on-bill financing program.

Through this program, you can purchase and install a heat pump system in your home and pay off the machine directly on your NSP bill. Terms range from 3 to 10 years, and the interest rate is a competitive 7%.

To get started with NSP’s financing you first need an estimate for supply and install of a system and then complete the financing application provided to you by your heat pump contractor.

Again, if you are in the Truro and surrounding areas, Conroy’s Refrigeration can help you with this process.

You must be in possession of the home and have the power bill in your name to utilize the Nova Scotia Power financing program.

Efficiency Nova Scotia Green Heat Program

If your new home has electric heat than you can apply for the Efficiency Nova Scotia Green Heat rebate program.

This program offers homeowners heating with electricity a $350+ rebate when a ductless heat pump system is installed.

This rebate must be pre-applied for before purchasing and installing a system in your home. The first step is to arrange for a quote from a qualified heat pump contractor and then complete the Green Heat Rebate form that can be found here on Efficiency Nova Scotia’s website.

After your system is installed, you will submit the completion certificate to Efficiency Nova Scotia to receive your rebate in the mail.

Getting Started

For all upgrades, except the CMHC rebate program, a quote from a qualified contractor is required to start the process. For current or soon to be homeowners in the Truro and surrounding area Conroy’s Refrigeration will provide a detailed home evaluation and quote to install a heat pump system in your home.

To get started, give us a call at (902) 895-0246 or submit the form on this page.

Book Your Free In-Home Heat Pump Evaluation



Heat Pump Financing & Rebates Available to Truro area Homeowners

 

Heat pumps are wonderful machines for comfort and savings, but they aren’t cheap to purchase up front.

Thankfully there are a couple of programs available to help you finance the install of a ductless heat pump and if you currently have a home heated electrically there could be a rebate available for you as well.

Financing with Nova Scotia Power

The on-bill financing program offered by Nova Scotia Power is the most popular financing option for Truro and area homeowners.

To access this program you need to be the owner of the home and have the power bill in your name.

Financing is available from 3 to 10 years at a competitive rate of 7.0%.

The monthly financing amount is simply added to your regular NSP utility bill.

To get started with NSP on-bill financing here are the steps to follow:

  1. Contact Conroy Refrigeration (form or phone number on this page) and set up a time for one of us to come by and provide a quote for equipment and install.
  2. Submit the NSP financing application (which we will provide you with) for the total installed amount of the system you’d like to purchase
  3. We will receive the details from NSP in 7-10 business days regarding your application.
  4. A representative from Conroy’s will contact you to arrange a time to install your new heat pump.

Rebates through Efficiency Nova Scotia

If your home is electrically heated then you should qualify for the green heat rebate through Efficiency Nova Scotia.

This rebate is a $350 rebate given to you after install is completed. The catch is you must

a.) Pre-apply for the rebate
b.) Have one of Efficiency Nova Scotia’s pre-approved cold climate heat pumps installed

Here’s the complete list of pre-approved units. All Daikin equipment that Conroy’s sells and installs qualify for this program.

To take advantage of the rebate all you need to do is:

  1. Contact Conroy’s to arrange a time for us to come and provide a quote for system install in your home
  2. Complete the Green Heat rebate application form available on here.
  3. Contact us once you receive approval from Efficiency Nova Scotia to arrange a time for installation
  4. After installation complete the final documentation required to claim your rebate from Efficiency Nova Scotia.

Efficiency Nova Scotia also offers low-interest financing at 4.99% up to 5 years for your heat pump purchase as well. Again, this is only for electrically heated homes.

Have more questions about financing or rebates? Give us a call.

If you’d like to take the first step toward getting started with financing, applying for the rebate or both give us a call or submit the form on this page to arrange a time for an estimate.

Book Your Free In-Home Heat Pump Evaluation



Daikin Spring Rebate Promotion

Daikin Spring 2017 Consumer Rebate
Take the Heat Pump Quiz - Conroy Refrigeration



3 Simple Questions to Measure How Much You’ll Save with a Heat Pump

When it comes to discussing savings from a heat pump, numbers get tossed around somewhat ambiguously, such as: “Cut heating costs by up to 50%” or “Reduce Home Energy Consumption by 40% or more”.

The truth is it’s very difficult to tell you exactly how much you’re going to save. We can explain where the savings come from so that you can make your own educated guess at potential savings in your home.

Let’s get started.

1. What are you spending now

Everything has to start with what you’re spending now. If you aren’t spending much to heat your home currently then there aren’t big savings to be had.

Determine what your annual heating cost is

If you’re electrically heated then look at your consumption difference between October and March and the rest of the year. That will give you a snapshot of how much of your electricity consumption is heating and how much are lights, appliances, and other household items.

Currently, the cost per Kilowatt hour is $0.169 plus HST. So reviewing your NSP bills you can likely come up with a Kilowatt hour number you’re spending on heating. If you’re on budget billing review the consumption numbers on the right-hand side of your bill.

If you’re currently heating with oil, and also have oil hot water, then look at what your consumption is during the spring and summer months. This will be your hot water consumption for about half the year. Then multiply that by two to get the full year’s oil hot water consumption. The rest of your oil all goes towards heating.

2. Is your home zoned?

By zoned we’re talking about thermostats in your home. Is the temperature in different areas of your home regulated by separate thermostats?

Unless you have a hot air furnace then your home likely is zoned. This is good news. It means a ductless heat pump can offset one or more of your zones if installed properly.

If your home is not zoned then it does make installing a mini split heat pump slightly more challenging. Why? Let’s look at an example split entry home that has one thermostat on the upper floor that controls the temperature of the entire home.

If you install a heat pump on the upper level that keeps the entire top floor warm then the thermostat is never going to come on. This will cause the lower level to get very cold.

There are workarounds for this. If your home falls into this category then we suggest you give us a call to discuss your options.

Want to know if a heat pump is right for you?
Take the 17-sec Heat Pump Quiz and get your answer now!

3. What area(s) of the house will you install a heat pump?

Do you primarily live in the upper level? The lower level? Where do you spend your time? We ask this question because the place where you spend your time is also the area you most often will use the heat pump.

If you split your time between two levels than possibly a multi-zone with an indoor unit upstairs and downstairs is the solution.

By putting these three pieces together (cost, zoning, and the area you spend the most time) we can determine what your potential savings could be.

An Example: Determining Your Potential Savings

Let’s use an example of an electrically heated home to illustrate how you can estimate your potential savings from installing a mini split heat pump in your home.

Let’s assume you spend $3,000 a year on electricity of which half is your lights and hot water. That leaves $1,500 a year for heating expenses.

Let’s also assume you spend most of your time on the main level which is where your family room, kitchen and dining area is. We’ll say that 70% of your space heating cost goes towards keeping that main level warm and comfortable, so that’s $1050.

You install a 15,000 BTU mini-split heat pump on the main level. Adequate sizing to heat the entire living, dining and kitchen area on this floor. This now means you won’t have to turn those thermostats up on the main level as the heat pump will be doing the job.

On average it might cost $450 – $600 a year to run your heat pump. This leaves you with savings of $450 – $600, which is the difference between our estimate of what it costs to heat with electric baseboards and what it will cost to heat with a heat pump.

These savings numbers are very realistic. Many homeowners in Nova Scotia have seen much more than that.

What now?

Well, if the numbers make sense give us a call to arrange an in-home consultation on what model and size of machine will work best for your home. You can reach us by completing the form on this page or giving us a call at 902-895-0246.
Take the Heat Pump Quiz - Conroy Refrigeration



3 Options for Your Indoor Heat Pump Unit: Wall, Floor and Ceiling

 

You’ve likely seen the wall mount heat pump heads at a friend of families home. It’s the most well recognized style of indoor unit for a heat pump. It is also the most efficient to use. However, in some homes, either due to layout, available wall space or just aesthetics the regular wall mount indoor system unit just doesn’t work.

Luckily, there are two other styles of indoor units you can install in your home.

The three main types of indoor units are:

  1. Wall mount
  2. Floor mount
  3. Ceiling mount

Below we cover each type of indoor unit as well as their pros and cons. If you’d like to know which style indoor unit would work best in your home, give us a call and we’d love to come take a look.

Wall Mounted Units

The wall mount is the typical heat pump indoor unit you’re likely familiar with. It mounts a few inches down from the ceiling (if you had standard height ceilings). The air is pushed outwards and returned through the top of the unit. This design provides the best coverage and efficiency from a ductless mini split heat pump.

PROS

  • Higher air flow rating, which means it moves more air and covers more square feet
  • Easy to install with very little modification to wall required

CONS

  • Requires 40”+ of available wall space
  • Requires 18”-22”+ of height available from any other object on the wall
  • Not always aesthetically pleasing in older craftsman style homes

Floor Mounted Units

We’ve encountered very few people that were aware floor mount heat pump indoor units are available. These units do take up more square footage on a wall than a wall mounted unit, but they are the ideal answer for homes that are lacking the available wall space in the room they want to heat and cool.

Air flows out of the top and bottom in most floor mount units to ensure uniform heating and cooling. Cost is slightly more than a wall mounted machine.

PROS

  • Works under large windows that prohibit wall mount units from being used
  • Air flow rating is still high so can cover larger living areas

CONS

  • Larger than the ceiling mount units
  • Require slightly more time to install than ceiling mount units
Want to know if a heat pump is right for you?
Take the 17-sec Heat Pump Quiz and get your answer now!

Ceiling Mounted Units

Most of us have seen a ceiling mount air handler in offices or retail settings. In a residential application, they are usually installed on the uppermost floor of the home when retrofitting.

Ideal locations for in-ceiling units are hallways and landings as these machines shoot air in four different directions when running. This means they can spread heat in multiple directions.

Ceiling mount units are most often installed as part of a multizone system where a wall or floor mount unit is used in the main living area and the ceiling mount unit is installed upstairs for bedrooms and hallways.

PROS

  • Requires no available wall space
  • Can provide some heat to more than one area when centrally positioned in a hallway or landing

CONS

  • Air flow rating is not as high as a wall or floor mount unit. So the distance heat travels is limited
  • Requires quite a bit more time to install than a floor or ceiling mount unit as it is done from the attic

Which Indoor Unit is Right for You?

Different units work with different styles of homes and layouts. Also, different homeowners often like the look of one over the other. The fastest way to determine which will work for your home’s layout and style is to have one of our heat pump experts come over and complete a short in-home assessment.

Book a time by submitting the form on this page or giving us a call at 902.895.0246. We look forward to speaking with you!

Take the Heat Pump Quiz - Conroy Refrigeration



How much does a Ductless Mini-Split Heat Pump Cost in Truro & Central, NS?

 

Far and away the most common question we’re asked by homeowners we visit is, “How much do these machines cost anyways?”.

There are three things that play a role in the cost to install a ductless mini split heat pump in your home. They are:

  1. The size and layout of your home
  2. Your current electrical service and available space on the panel
  3. Installation location

The size and layout

The larger your home, the larger the unit you need to heat and cool particular areas. Also if you’re looking to heat more than one area such as the upstairs and downstairs of a split entry home than two indoor units will be required instead of one.

Older homes that tend to be more “cut up” with smaller rooms and more of them can sometimes be challenging to install ductless heat pumps in. This isn’t to say it’s not possible, but having a consultation with a heat pump expert from Conroy’s HVAC will allow us to come up with a plan on how you can take advantage of these machines to increase comfort and reduce energy costs.

Your Current Electrical Service

In most instances, your home’s electrical panel will have ample physical as well as service space (most ductless heat pumps require between a 15 amp to a 30 amp breaker). In the case of an older fuse panel or an electrical panel that is physically full, a pony panel can be added for additional physical space for the breakers.

In the off chance that your panel is also full from a service perspective (e.g. you have a 100 amp service but are currently loaded such that no additional equipment can be added) we will discuss your options with you.

Want to know if a heat pump is right for you?
Take the 17-sec Heat Pump Quiz and get your answer now!

Installation Location

From a labor perspective the easier the installation, the quicker it will take to install the system(s). During an in-home consultation, one of our heat pump experts will inspect the interior and exterior of your home to scope the best location to install the outdoor unit as well as the indoor unit(s).

So what do they cost?

There are two ways to install ductless heat pumps in your home, single and multi zone machines. A single zone heat pump is one that has one outdoor machine matched with one indoor machine. A multi-zone system has one outdoor unit matched with two or more indoor units. Multi Zone is used when there is more than one area of the home you would like heated and cooled.

Pricing for a single zone heat pump ranges from $4,000 to $5,000 depending on the model, efficiency and installation complexity. This price includes the equipment, accessories, labor from our red seal journeyman refrigeration technicians as well as the electrical line run from your service panel to the machine outside.

Pricing for a dual zone heat pump (2 heads) starts at $7,800 to $8,200. There is a range of combinations of outdoor and indoor unit sizes that adjust the price of these machines slightly as well as the location and complexity of install.

If you’re thinking you’d like to have a tri or quad zone (3 or 4 indoor heads) we suggest contacting us to arrange for a risk-free, in-home estimate with one of our heat pump experts.

Financing your Heat Pump Purchase

Nova Scotia Power offers competitive on-bill financing for ductless heat pump machines up to 10 years at a rate of 7.0%. Repayment is made directly on your bill during your monthly or bi-monthly billing period. Contact us if you’re interested in learning more about financing and one of our representatives can help you get started with the process.

If you have an electrically heated home there is a rebate available from Efficiency Nova Scotia’s Green Heat program. This rebate requires you to attain a quote from a qualified contractor installing one of the approved cold climate heat pumps for Nova Scotia. We only install machines that are approved from the Cold Climate list.

Take the Heat Pump Quiz - Conroy Refrigeration



Ductless Heatpump Winter Care and Maintenance

During the heating season the outdoor heat pump coil surface will periodically accumulate frost. This is normal and to allow for continued efficient operation the heat pump will automatically defrost itself. This cycle generally takes 5-10 minutes and the system will return to the normal heating cycle after the coil is clear of frost. Occasionally some steam will be noticed coming out of the outdoor unit during the defrost cycle. This is normal. During the defrost cycle, the melt water from the coil frost, will run out of the drainage holes in the bottom pan of the outdoor unit and onto the ground. Read More…



Facebook

What did you spend on heat over the winter? Might be time to lower your heating costs. Curious to see what you could be saving with a heat pump? The perk to installing before winter - you can enjoy the benefits of A/C this summer! Read our blog post on how much you can save with a heat pump ==> goo.gl/vgo8GN ... See MoreSee Less

View on Facebook

Conroy Refrigeration added a new photo. ... See MoreSee Less

View on Facebook

Very few people know this about heat pumps! You’re not limited to the typical indoor wall mount unit. Now, each option does have it’s best location for efficiency. So watch our video & learn about the 3 main options for indoor units==> goo.gl/1rB0p6 ... See MoreSee Less

View on Facebook

[OFFER ENDS SOON] The new rebate program on qualifying Daikin single or multi-zone equipment ends June 30/17. Click here for more details or contact us. Don't miss out! ==> goo.gl/7VuUhm ... See MoreSee Less

View on Facebook

Testimonials

Thanks for the prompt and efficient service. Your crew guys was excellent, friendly, helpful and skillful! * * * * *!
Janet M

Contact Us

Name:*
Phone:
-
E-mail:*
Message:*
Recaptcha: