November 30, 2022 – Government of PEI: A new pilot program will help Island homeowners upgrade their current heating system to a cleaner, more efficient system, while reducing the carbon footprint.
The Residential Home Heating Program will allow homeowners to borrow funds for costs associated with the purchase and installation of equipment that is eligible for the Energy Efficiency Equipment Rebates at efficiencyPEI, including ENERGY STAR® certified heating.
Finance PEI will provide financing to a maximum of $30,000 per residential property for these upgrades over a 10-year period, with the Department of Environment, Energy and Climate Action reimbursing Finance PEI for the interest portion of the loans on behalf of homeowners. This will result in 0 per cent interest to the borrower.
“Winter is here, and the cost of heating homes continues to climb,” says Economic Growth Tourism and Culture Minister Bloyce Thompson. “Switching to a more efficient heating system helps keep money in Islanders’ pockets, while also reaching our target of net zero.
“We know these types of systems can be expensive, so Government wants to help make that transition easier for Islanders.”
Read the full news release here