BC to give loans for fuel efficient switch on home heating
$4.1 million program for conversions to energy-efficient heat pumps that reduce pollution and save on costs.
VICTORIA — The BC 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%.
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.