Energy Efficiency Loan Program
The Energy Efficiency Loan Program (EELP) will provide financing for Prince Edward Island home-owners who are approved applicants under either of efficiencyPEI’s Energy Efficient Equipment Rebate and Home Insulation Rebate programs. This will assist with the up-front costs associated with the purchase and installation of products and/or building envelope upgrades that will improve the energy efficiency of the home-owner’s existing primary year-round residence.
There is also financing available to assist with the up-front costs associated with the purchase and installation of solar equipment that can lower energy bills for Islanders through the Energy Efficiency Loan Program for Solar Photovoltaic Equipment (EELP-SERP).
How much financing is available under this program?
Eligible applicants can apply to receive a repayable loan of up to $10,000, towards 100% of invoiced costs for eligible activities that have been pre-approved by efficiencyPEI under their rebate programs.
The loan will bear interest at the fixed rate of 5% per annum and is repayable over a period of up to 7 years.
Am I eligible to apply?
This program is available to all applicants regardless of income level for their primary residence. The following criteria must be met:
- applicant is a Prince Edward Island resident;
- applicant is approved under one of efficiencyPEI's energy rebate programs;
- applicant(s) is/are the registered owner(s) of the property being upgraded and the property is the applicant’s primary year-round residence; rental properties, seasonal and recreational properties are not eligible;
- The EELP is not available for projects involving new home construction or business.
Are there other requirements for this program?
- As an applicant, you will be able to evidence reasonable creditworthiness and capacity to repay the loan;
- You must not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry;
- The eligibility of specific costs under the Rebate Programs shall be determined by efficiencyPEI. Some projects may require a Home Energy Assessment before being approved.
- Loan proceeds will be remitted directly to the vendor, unless the applicant/borrower can provide written evidence that the invoice has already been paid;
- Any efficiencyPEI rebates earned in connection with the upgrade project will be applied firstly and directly as a permanent lump sum reduction in the EELP loan.
How do I apply?
An eligible applicant should follow these steps to apply:
- Contact efficiencyPEI to ensure the upgrades you wish to complete meet the program requirements.
- Obtain a quote for the proposed work from a Network of Excellence contractor and submit to efficiencyPEI for review. Await receipt of a pre-approval letter from efficiencyPEI.
- After your proposed project has been pre-approved by efficiencyPEI, complete and submit your loan application to Finance PEI on-line here, or by downloading a copy of the Energy Efficiency Loan Program Application and submitting by fax, email, or regular mail.
When submitting your loan application to Finance PEI, be sure to include a copy of your:
- efficiencyPEI pre-approval letter; and,
- a copy of a Birth Certificate, Passport, or Driver’s license for each applicant.
- Approved loan applicants will receive an Offer to Finance letter from Finance PEI, outlining the amount and terms under which financing has been approved. You may share this letter with your Network of Excellence contractor.
- Have work completed by your Network of Excellence contractor. Afterwards, submit invoices and Certificate of Compliance (issued by contractor) to efficiencyPEI.
- Finance PEI will contact you to schedule an appointment for you to sign the loan documentation, after which the loan proceeds will be remitted directly to your Network of Excellence contractor.
- Your efficiencyPEI rebate will be remitted directly to FinancePEI and be applied on your EELP loan.
What happens after I apply?
After you apply for the program, a staff person of Finance PEI will contact you to discuss your application and the next steps. Once approved, rebate amounts for eligible upgrades will be deducted from the full amount of the loan.