If you’re thinking about starting a major home renovation project, there’s one especially important factor to figure out first, and that’s the financing. Homeowners have a handful of options to consider that can provide the financial backing needed in order to upgrade windows or siding, make an addition, or do some other significant improvement project. One such available option is the Manitoba Hydro Power Smart ® Residential Loan Program. This program is specifically available to Manitoba Hydro customers, and provides the following…
The Power Smart ® Residential Loan Program covers upgrades to….
– Air Leakage Sealing
– Residential Space Heating Equipment
– Residential Water Heating Equipment
Important details to know about the Power Smart ® Residential Loan Program:
– With this loan, you can borrow up to $7,500 per residence, and up to $5,500 of that may be used for the purchase of a high-efficiency natural gas boiler or furnace.
– 5 years is the maximum term for all energy efficiency upgrades
– 15 years is the maximum term for purchasing a high efficiency natural gas boiler or furnace
– For the first 5 years, there is a fixed annual interest rate of 4.8% (O.A.C)
– Upgrades are required on levels that are recommended by Manitoba Hydro
– The monthly installments will be included on your regular energy bill
– Those applying must be the owners of the home in which the energy improvements are to take place.
– Those applying must be Manitoba Hydro customers
– This loan does not cover central air conditioning
How to Apply for Power Smart ® Residential Loan Program:
First, speak with your contractor (if you have one) or your retailer (if you’re doing the work instead). They will then work with you to decide if your project is eligible for financing. If it is, they will help you complete the loan application.
Financing your home renovation project is possible! Contact us today for more information on the Manitoba Hydro Power Smart ® Residential Loan Program!