November 30, 2012 - Upfront payments can be a barrier to making energy efficiency upgrades to your home, says BC Hydro, which is why the utility is launching a pilot program in the City of Colwood that offers low-cost financing for home energy improvements with no upfront payment.
By Anthony Capkun
“We’re building on our conservation culture and making it easier than ever to take action to reduce energy consumption and save money,” said Lisa Coltart, executive director of Power Smart and Customer Care, BC Hydro. “This innovative pilot program will allow Colwood residents to invest in the energy efficiency of their homes and save energy and money in the long run.”
The Power Smart Home Loan program offers Colwood residents who live in electrically heated homes loans for up to $10,000 for energy efficiency upgrades. Over time, the savings from the upgrades will offset the homeowner’s investment cost, says BC Hydro.
The pilot allows the utility to test a new approach to encourage customers to make energy efficiency upgrades. Over the next two years, the provincial government will work with BC Hydro to evaluate the program with the intent of offering energy efficiency financing to customers across the province.
The program will allow participants to access to up to $10,000 in financing at an interest rate as low as 4%. Repayment periods are designed to be up to a maximum of 10 years. The pilot runs until November 1, 2014. Eligible improvements include insulation, weatherization, air source heat pumps and solar hot water heaters.
Owners of electrically heated single family homes, townhouses or mobile homes on a permanent foundation located in the City of Colwood may apply. In addition to submitting a loan application to BC Hydro, customers wishing to participate in the pilot are required to complete a home energy assessment to help the homeowner first identify the most-effective upgrades and estimated payback times. The first 200 eligible customers to complete their assessment before January will receive a free energy assessment.
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