FINANCE

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Space heating is the largest use of energy in homes. A properly installed heat pump is two to three times more efficient than other alternatives and can provide you with both comfortable heating in the winter and cooling for today’s hot summers.

The CleanBC Better Homes Low-Interest Financing Program provides loans with interest rates as low as 0% for switching from a fossil fuel (oil, propane or natural gas) heating system to a heat pump.

CleanBC Better Homes and point-of-sale lender Financeit are working together to bring British Columbians this low-interest financing offer as an alternative to CleanBC Better Homes rebates for eligible heat pumps. Loans are provided by Financeit and accessed via CleanBC Finance Registered Contractors.

Financing Available

  • Interest rates: 0% or 4.99%, depending on heat pump efficiency
  • Loan size: $1,000 – $40,000
  • Amortization period: 60 months (5 years)

Eligibility Requirements

  • Your upgrades must be installed by a finance registered contractor.
  • You must have a residential utility account with FortisBC, BC Hydro or a municipal utility.
  • Your home must be primarily heated with:
    • Natural Gas or piped-propane supplied by FortisBC
    • Natural Gas supplied by Pacific Northern Gas
    • Propane not supplied by FortisBC
    • Oil
  • Premises primarily heated by wood or other solid fuels are not eligible.
  • You must live in an eligible home.
  • The home must have a minimum of 12 months of consecutive utility billing history.

Upgrade Requirements

  • The installed system must be on the Qualifying Product List.
  • The heat pump must become the primary heating system of the home.
  • All fossil fuel heating equipment must be modified, removed or decommissioned.
  • The heat pump must meet the following requirements:
Heat Pump TypeEfficiencyPrimary Fuel Before Upgrade

Interest Rate

Mini-Split or Multi-split
  • HSPF ≥9.30
  • SEER ≥16
  • Variable speed compressor required
  • Oil,
  • Propane, or
  • Natural gas

0%

Tier 2 Central System
  • HSPF ≥9.30
  • SEER ≥16
  • Variable speed compressor required
  • Oil,
  • Propane, or
  • Natural gas

0%

Tier 2 Central System with fossil fuel back up (dual fuel)
  • HSPF ≥9.30
  • SEER ≥16
  • Variable speed compressor not required
  • Propane, or
  • Natural gas

0%

Tier 1 Central System
  • HSPF ≥8.50
  • SEER ≥15
  • Variable speed compressor not required
  • Oil,
  • Propane, or
  • Natural gas

4.99%

Air-to-Water Heat Pump
  • Oil,
  • Propane, or
  • Natural gas

0%


Comparing Payments for Tier 1 and Tier 2 Heat Pumps 

Example: Heat Pump Units

Tier 1 Unit

Tier 2 Unit

Example Install Cost: $10,000Example Install Cost: $12,000

$188.66/month

$200/month

Interest incurred: $1319.60

  • Rate: 4.99%
  • Total Loan Cost: $11,319
  • Amortization: 60 months
Interest incurred: $0

  • Rate: 0%
  • Total Loan Cost: $12,000
  • Amortization: 60 months
  • Upgrade to the most energy efficient heat pump by using the CleanBC Better Homes Low-Interest Financing Program. In this example, by applying for the 0% 60-month program, you can get a more efficient, higher quality Tier 2 heat pump for less than $12 more per month compared to a Tier 1 heat pump. Over 5 years, a Tier 2 heat pump costs less than $700 more in total payments.

Commercial Lease-to-own  

Westport Leasing has been helping businesses upgrade to new machinery for more than twenty years. Their affordable payment plans are a cost-effective way to add equipment that will help you generate higher revenues and reduce expenses. With Westport’s programs, the new equipment pays for itself and your business will profit more quickly. Westport’s services are a quick and easy way to overcome budget restrictions. Here are some additional features and advantages:

  • Convenient Application Process 
  • Liberal Acceptance Criteria 
  • Fast Approval Response 
  • Flexible & Creative Repayment Options
  • Possible Tax Advantages 
  • No application fees or other upfront charges
  • Preserves working capital and existing credit lines 
  • 12-60 Month plans
  • Funding for any amount from $5,000 to over $1,000,000 
  • Friendly Personalized Service 
  • Committed to Ethical Lending Practices

To check out the estimated monthly payments for the system that might best meet your needs, click on the link below.

http://www.westportleasing.com/Estimate_Payments.html

If the financial rewards to be gained by adding a new system are greater than the cost of the monthly payment, you’ll want to put this to work for you as soon as possible. Fortunately, Westport’s application process is quick and easy. Simply click on the link below to download an application form or complete one online. One of Westport’s customer service professionals will be in touch to answer any questions and guide you through the process. http://www.westportleasing.com/CreditAppDeb.pdf

For more details or if you have any questions about monthly payment options for your new system, please contact Westport Leasing. 

Phone (604) 681-1260 Email: deb.ross@westportleasing