Residential Home Heating Loan Program
The Residential Home Heating Loan Program (RHHP) will provide Prince Edward Island homeowners, who are approved applicants, with financing to upgrade the current heating system of their personal year-round residence to a cleaner, more efficient heat source while reducing their carbon footprint.
The program will assist with the up-front costs associated with the purchase and installation (including electrical service upgrades) of program eligible energy efficient equipment, including:
- Air source heat pumps that are Northeast Energy Efficiency Partnerships Cold Climate Air-Source Heat Pump Specification (NEEP ccASHP) compliant; and/or,
- ENERGY STAR® certified heating equipment, including geothermal heat pumps, water heating devices, biomass heating devices, and other energy saving products.
What energy efficient equipment is eligible under this program?
|Program Eligible Energy Efficient Equipment||Minimum Requirements|
|Mini-split (ductless) Air Source Heat Pump||NEEP ccASHP certified|
|Heat Pump: Central air-to-air or air-to-water split system||NEEP ccASHP certified|
|Heat Pump: Ground Source/Geothermal||ENERGY STAR® Most Efficient 2022|
|Solar Thermal Hot Water Heater||ENERGY STAR® or CAN/CSA F379 or CSA Class 2831-06, 2831-07, 2831-30, 2831-37 or Class 8854|
|Air Source Heat Pump (Hybrid) Hot Water Heater||ENERGY STAR® w/Energy Factor of 2.0 or higher (≤ 55 gal.), or 2.2 or higher (>55 gal.)|
|Heat/Energy Recovery Ventilator||ENERGY STAR®|
|Boimass Stove||EPA Approved or CSA-B415.1-10|
|Biomass Boiler/Furnace||EPA Approved or CSA-B415.1-10|
|Summerside Electric Thermal Storage Furnace||Must be through City of Summerside Electric Utility “Heat for Less Now!” Program|
|Summerside Electric Thermal Storage Heater||Must be through City of Summerside Electric Utility “Heat for Less Now!” Program|
|Summerside Electric Thermal Storage Hot Water Heater||Must be through City of Summerside Electric Utility “Heat for Less Now!” Program|
*All eligible equipment must be purchased/installed by a Network of Excellence contractor(s).
**RHHP projects could qualify under existing provincial and federal grant programs. Corresponding links are provided below for applicants consideration:
How much financing is available under this program?
Eligible applicants can apply to receive a repayable loan of up to $30,000, towards 100% of eligible invoiced costs for the purchase and installation of program eligible energy efficient equipment upgrades by a Network of Excellence contractor(s). Eligible invoiced costs includes necessary upgrades to the home's existing electrical service to accommodate the new heating equipment/system.
The loan is repayable over a period of up to 10 years and is interest free to the borrower; interest costs during the term of the loan will be paid on behalf of the borrower by the Department of Environment, Energy and Climate Action.
Finance PEI must approve the loan before any work begins on the project. The loan is not available for new construction or for projects already completed.
Am I eligible to apply?
This program is available to all applicants for their primary year-round residence, regardless of income level. The following criteria must be met:
- applicant is a Prince Edward Island resident;
- 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, seasonal and recreational properties are not eligible;
- The RHHP 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;
- Loans will be secured by a promissory note, a first charge specific security agreement on the financed equipment and a notice of security interest for the full amount of the loan over the real property location;
- The energy efficient home heating equipment/system being purchased and installed must be program eligible and be installed by an efficiencyPEI approved Network of Excellence contractor; and
- Loan proceeds will be remitted directly to the vendor, unless the applicant/borrower can provide written evidence that the invoice has already been paid.
How do I apply?
An eligible applicant should follow these steps to apply. If you have a co-applicant, you must provide the following information for them as well:
- Obtain a quote for the proposed work from a Network of Excellence contractor. You will need to submit this quote with your Finance PEI loan application.
- You can fill out the online form using the blue button at the bottom of this page, or you can complete and submit your loan application to Finance PEI by downloading a copy of the Residential Home Heating Program Loan Application sign it and submit by fax, email, or regular mail.
- When submitting your loan application to Finance PEI, be sure to include:
- Current identification and contact details, including your Social Insurance Number (SIN);
- Employment history and employer contact details;
- Income information;
- Budget estimate for the equipment or upgrades you are considering;
- A copy of the written quote(s) from the Network of Excellence Contractor(s) you select to complete the work; and
- Two of the following as proof of identifty e.g. a copy of a Birth Certificate, Canadian Passport, or Driver’s license for each applicant.
- Note: If filling out the online version of the form, you must upload a signed copy of the Certification and Authorization Form (PDF).
- 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 Finance PEI.
- 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(s).
Why are you asking for personal information?
Personal information on this form is collected under section 32(1)(g) of the Freedom of Information and Protection of Privacy Act R.S.P.E.I. 1988, c.F-15-01, and will be used for assessing your application for credit under the Residential Home Heating Program. If you have any questions about this collection of personal information, you may contact Finance PEI, 94 Euston Street, 2nd Floor, Charlottetown, PE C1A 7M8, 902-368-6200, firstname.lastname@example.org.
We are asking for personal information because it is necessary to:
- Confirm your identity
- Assess eligibility requirements
- Support the approval process
- Review previous submissions
Personal information is being collected under the specific FOIPP legislation as stated on this webform and will be used only for the purpose it is intended. For more information read Privacy and Security.
How long will it take to have my application processed?
Under normal circumstances, Finance PEI typically provides a financing decision within 10 business days of receiving a complete application.
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.