For immediate release
Living in a comfortable, climate-friendly home that provides affordable heating and air conditioning is becoming an increasingly cost-effective option for Saanich residents, thanks to a new heat pump financing program.
Saanich, BC – The District of Saanich is now offering up to $12,000 of interest-free financing to help you upgrade your existing oil furnace or boiler to an efficient electric heat pump.
This innovative program enables residents to repay the financed amount over ten years through an additional levy on the home’s property tax payments. While this type of financing is the first of its kind in BC, it’s widely used by many jurisdictions across Canada and the US to encourage energy retrofits in existing buildings. The District of Saanich is launching the program in conjunction with the District of Central Saanich Oil to Heat Pump Financing Program.
Access to the lowest financing rate available helps remove the up-front heat pump installation cost and provides numerous benefits to homeowners. In addition to reducing the risk of oil tank leaks, potentially resulting in environmental damage and costly uninsured clean-ups, installing a new climate-friendly home heating and air conditioning system also improves home comfort and safety during heat waves.
In addition to participating in this unique financing program, residents are also encouraged to access over $11,000 in rebates from CleanBC and Canada’s Greener Homes Programs:
- Up to $6,350 (plus up to $1,000 for electrical service upgrades) from CleanBC Better Homes (including Saanich and BC Hydro “top-ups”)
- Or up to $9,500 (plus up to $3,500 for electrical service upgrades) from the CleanBC Income Qualified Program
- Plus up to $5,000 from the Canada Greener Homes Grant
Saanich is launching this program as part of its climate commitment to reduce greenhouse gas (GHG) emissions and eliminate carbon-intensive oil heating in our community by 2030. Heat pumps provide efficient heating and cooling with renewable energy while also reducing heating bills, especially when compared to oil heating systems.
The Oil to Heat Pump Financing program is being run on a pilot basis, with a limited number of spaces available, so interested residents are encouraged to apply early. 50% of program spaces are reserved for income-qualified households.
The program is made possible with $350,000 in grant funding from the Green Municipal Fund delivered by Federation of Canadian Municipalities (FCM) and funded by the Government of Canada and $95,000 from the Real Estate Foundation of British Columbia (REFBC). Following an evaluation of the pilot’s success, Saanich will consider expanding the program to more homes and other types of climate-friendly home retrofits.
The first intake deadline is June 6, 2022. If a participant misses this deadline, they may be able to submit for the next intake period.
“We’re thrilled to be launching our Oil to Heat Pump Financing Program and providing an innovative new financing model to help homeowners switch to renewable energy. Through the strong collaboration with our partners, including the Federal Government, the Provincial Government, the Federation of Canadian Municipalities, the Real Estate Foundation of BC and BC Hydro, we are one step closer to meeting our climate action goals.”
– Mayor Fred Haynes, District of Saanich
“Upgrading our homes to be more energy-efficient will get us a long way to our climate targets, help Canadians save money on energy costs and create good jobs in our communities. Our government is pleased to help homeowners across Canada cut pollution from their households.”
– The Honourable Jonathan Wilkinson, Minister of Natural Resources
“As part of CleanBC, we are supporting a suite of programs aimed at increasing the availability and affordability of energy efficiency measures for British Columbians. We are making homes as energy efficient, comfortable and affordable as possible, while reducing the environmental impact of existing buildings.”
– The Honourable Bruce Ralston, British Columbia Minister of Energy, Mines and Low Carbon Innovation
“Canadians are always looking for new ways to make their homes energy efficient and affordable. Our Green Municipal Fund can help families save money, while taking action against climate change right in their homes. Together, we are on the path to net-zero.”
– Joanne Vanderheyden, President, Federation of Canadian Municipalities
“We are already experiencing the drastic impacts of the climate emergency. Retrofitting our homes and buildings to curb carbon pollution is an important climate solution. The District of Saanich is showing much-needed leadership by helping residents make the switch to electric heat pumps with innovative financing.”
– Mark Gifford, CEO, Real Estate Foundation of BC
More information about Oil to Heat Pump Financing eligibility requirements and the steps to participate is available at saanich.ca/heatpumpfinancing