Municipal Affairs and Environment
October 30, 2017
Premier Ball Announces Energy Efficiency Loan Program
The Honourable Dwight Ball, Premier of Newfoundland and Labrador, has announced that applications can be submitted for the Energy Efficiency Loan Program beginning tomorrow (Tuesday, October 31). The program is fully funded by the Provincial Government and will be delivered in partnership with takeCHARGE, an energy efficiency initiative of Newfoundland Power and Newfoundland and Labrador Hydro.
Premier Ball was joined for the launch of the program in St. John’s by: the Honourable Eddie Joyce, Minister of Municipal Affairs and Environment; representatives from program partners, Newfoundland Power and Newfoundland and Labrador Hydro; and representatives from the Canadian Homebuilders’ Association of Newfoundland and Labrador.
The Energy Efficiency Loan Program provides eligible participants who use electric heat in their homes with a low-interest loan of prime plus 1.5 per cent (currently 4.7 per cent) for up to $10,000. Financing can be used for energy efficiency home upgrades, specifically the purchase and installation of heat pumps, basement and attic insulation, and to conduct home energy assessments for homes reliant on electricity for heating.
The Provincial Government is providing a total of $4 million for the Energy Efficiency Loan Program, with $1 million to begin the program this year, and a further $1.5 million in each of 2018-19 and 2019-20.
Participants can make monthly loan repayments on their electricity bills over a five-year period. Through offering an affordable financing option, the program addresses a key barrier to the uptake of energy efficiency; namely, access to upfront capital to purchase and install upgrades. The Energy Efficiency Loan Program also delivers on government’s commitment to help mitigate the impact of rising electricity rates on Newfoundlanders and Labradorians.
“This program offers Newfoundlanders and Labradorians assistance in lowering household energy costs, creating opportunities for local tradespeople and businesses, as well as further stimulating the economy and helping to reduce greenhouse gas emissions. Allowing residents to pay back the loan over a five-year period on their monthly electricity bills is a convenient way of achieving those goals.”
Honourable Dwight Ball
Premier of Newfoundland and Labrador
“Through this program, our government is supporting residents who want to invest in energy efficiency upgrades but may not have the immediate finances available to cover the upfront costs. We thank our partners in this initiative and look forward to working with them in administering the program.”
Honourable Eddie Joyce
Minister of Municipal Affairs and Environment
“We are committed to helping both our residential and business customers save energy and money by providing rebates and energy efficiency advice. We are delighted to work with government to offer this new, low interest financing program, making it possible for even more homeowners to make energy efficiency upgrades and save over the long term.”
President and Chief Executive Officer
“Improving energy efficiency in homes is becoming increasingly important to residents of our province. This program will enable residents to make home improvements and lower their home energy costs. The Canadian Homebuilders’ Association – Newfoundland and Labrador works closely with members, energy efficiency codes regulators, and product suppliers to ensure consumers are getting the most out of these upgrades while keeping costs affordable.”
Canadian Homebuilders’ Association – Newfoundland and Labrador
Turn Back the Tide: www.turnbackthetide.ca/
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Office of the Premier
Municipal Affairs and Environment
Chief Executive Officer
Canadian Home Builders Association-NL
2017 10 30 10:15 a.m.