Heat pumps Nova Scotia Power

Without a doubt one of the reasons Heat Pumps have become so darn popular in Nova Scotia is Nova Scotia Powers on-bill financing program.

We made a short video and post the other day about how much a heat pump costs in Nova Scotia. If you’d like to learn more about that you can watch that video and read that post here.

As an approved residential and commercial contractor, Sunshine Renewable Energy helps dozens of homeowners each month get approved for on-bill financing with this program.

The above video explains the program very well, so we just want to re-state a few of the facts.

• Homeowners can finance a heat pump for 3 to 10 years directly on their NSP bill
• The program is a lease to own program with a $1 buy out option at the end of their term
• Homeowners can payout the full amount at any time without penalty, however there are no lump sum payments allowed
• Interest rates are very competitive being 4.9% for 3-5 years and 6.9% for 6 to 10 years
• Approval is done quickly by filling out a one page application that we can supply you with during an in-home assessment
• Heat pumps installed and finance through this program must be Energy Star rated
• We are usually able to install equipment financed through this program within 10-14 business days after your initial in-home assessment

To give you an exact example of monthly costs over a 60 month (5 year) term we’ve calculated the monthly cost of LG and Mitsubishi heat pumps from our “How Much Does a Heat Pump Cost” post.

Monthly Costs for a Heat Pump on NSP Financing

LG Single Zone Heat Pump: $62.00 to $70.00 a month + HST

Mitsubishi Single Zone Heat Pump: $75.00 to $87.00 a month + HST

LG Dual Zone Heat Pump: $110.00 to $115.00 a month + HST

These amounts show up directly on your NSP bill each month and are paid right along with your electricity bill.