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:
- To receive a quote for a heat pump system in the home you are purchasing
- 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%.
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.
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.