Residential Earth Power Loan for Geothermal Heat Pumps
The Residential Earth Power Loan assists homeowners with the cost of installing a geothermal heat pump.
- Financing up to $20,000;
- Maximum term: 15 years;
- Interest rate: 4.9 per cent (initial 5-year fixed term);
- Available for new installations and retrofits.
Earth Power Loan Calculator
- Step 1:
- Enter in the total amount of the loan (principal) – cannot exceed $20,000.
- Step 2:
- Select the term (amortization period) of the loan.
- Step 3:
- Click "Calculate" to estimate your monthly loan payment for the initial 5-year term. (Interest rates and monthly payments after the initial 5-year term will be based on available market rates.)
Note: Other than decimal points, do not enter any other non-numeric characters (commas, dollar signs, etc.) in the entry boxes. Doing so will cause an error.
The loan is added to your Manitoba Hydro energy bill for payment. The monthly energy savings provided by the heat pump help offset your monthly loan payments.
- The homeowner must be a Manitoba Hydro customer who is approved for credit from Manitoba Hydro.
- The heat pump must be designed and installed by a certified contractor. The contractor must be recognized by the MGEA.
- The geothermal heat pump must be tested and rated under
CSA Standard C-13256, and installed to meet
- Air-source heat pumps do not qualify.
Apply through your contractor.