Manitoba Hydro is taking the financial sting out of making energy- and water-efficiency improvements to your home.
The utility will now cover the upfront costs of such retrofits and allow homeowners to pay the debt off over time. That allows the savings from a lower water or hydro bill to cover part of the capital cost.
"Manitoba Hydro’s new Pay-as-You-Save program is the first of its kind in Canada. With huge upfront costs gone, more families will be able to make smart, energy-efficiency improvements to their homes and save money each month," Premier Greg Selinger said in announcing the program today.
The NDP promised the program during last year’s provincial election campaign.
This past June, the province enacted the Energy Savings Act to encourage energy and water efficiency upgrades of existing homes and buildings. In response, Manitoba Hydro launched Pay as You-Save financing.
Program participants will pay a fixed interest rate of 3.9 per cent over five years.
The new program initially focuses on single family housing, but will be expanded to cover multiunit residential, commercial and institutional buildings.
Energy-saving measures that can be financed under the program include high-efficiency gas furnaces, geothermal systems, insulation, drain-water heat recovery systems and water-saving toilets.
"Not only will this program save Manitoban families money, but it will have a significant impact on reducing our province’s energy consumption," said Selinger.