New financing available for improvements to energy efficiency
Protecting our environment -
Islanders who could benefit from improved home energy efficiency are now eligible to apply for financing to support upgrades to their homes.
The energy efficiency loan program provides low interest financing to home owners who are interested in reducing energy costs by completing renovations or adding more energy efficient equipment like heat pumps.
“The goal of this program is to help Islanders reduce home energy costs and by doing so, reduce our province’s overall carbon footprint,” Economic Development and Tourism Minister Chris Palmer said. “Along with other measures like rebates for energy efficient heat and insulation, we are making great strides in reducing carbon use and saving Islanders money on their heat and electric bills.”
Finance PEI has set aside $7.5 million to support successful applications to the program, which will be led by efficiencyPEI. The interest rate for successful applicants will be five per cent and the maximum loan size is $10,000.
“Efficiency programs have reduced CO2 emissions by 25,000 tonnes and saved 1.5 million litres of home heating fuel annually,” Transportation, Infrastructure and Energy Minister Paula Biggar said. “Since opening in 2008, efficiencyPEI has also helped Islanders save over $10 million on their energy bills through a suite of programs, services and rebates designed to save Islanders money and to benefit the environment.”