Commercial PAYS Financing

Commercial PAYS Financing is a convenient and affordable way to finance energy efficiency upgrades to your commercial buildings.

You can finance qualifying energy efficiency technologies to completely cover or substantially reduce the capital costs required for the upgrade.

The monthly loan amount is based on the utility cost savings: your average monthly savings become your monthly payment. If you qualify, the monthly installments are added to your Manitoba Hydro energy bill.

PAYS Financing covers qualifying upgrades through Power Smart rebates and incentive programs:

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Power Smart Commercial PAYS Financing

Watch to see what technologies are available for financing, how Commercial PAYS (Pay As You Save) Financing works, and learn about installing energy efficient technologies with very little investment.

Play video: Power Smart Commercial PAYS Financing (2:10)


  • Reduces the capital cost required for a new upgrade.
  • The monthly payment added to your Manitoba Hydro energy bill.
  • Financing is transferable from one property owner to another, or to a tenant.


To be eligible for PAYS Financing, you must:

  • Be an active business customer of Manitoba Hydro billed at commercial rate. Federal, provincial, and municipal government customers should contact their Manitoba Hydro account representative prior to completing an application for pre-approval.
  • Be the owner of the property in which the efficiency improvements are made. The name on the application must match the owner's name filed at the Property Registry.

View a complete list of eligible upgrades.

Financing is not available for:

  • unoccupied buildings;
  • condominiums;
  • new buildings or buildings under construction (with the exception of geothermal heating systems);
  • projects that have been started prior to or during the application process;
  • used equipment or materials;
  • natural gas and electrical materials that are not installed by an allied gas fitter/electrician licensed by the province of Manitoba;
  • the installation of electrical equipment for any building not previously equipped with electrical service;
  • in-house labour – only work done by a qualified contractor is eligible for financing.

Financing information

Customer segment Interest rate1 Financing amount Loan terms
Business 5.6% Minimum: $1000
Maximum: based on energy savings
25 years for insulation projects
Up to years 20 years or less for non-insulation projects
Government & institutional 5% Minimum: $1000
Maximum: based on energy savings
25 years for insulation projects
Up to years 20 years or less for non-insulation projects
1 Current annual fixed interest rates for the first 5 years (O.A.C.)
  • The monthly payments, financing amount and the loan terms are determined based on estimated annual utility bill savings.
  • Monthly payments will be added on your Manitoba Hydro energy bill.
  • The maximum amount of financing available depends on the estimated annual cost savings for the upgrade. Multiple upgrades that increase your utility bill savings may increase the amount eligible for financing. You are responsible for project costs beyond the amount eligible for financing.
  • The annual interest rate is fixed for 5 years.
  • Additional or complete payments may be made after 6 months from the first finance charge on your account. A $250 administration fee will apply for any additional or complete payments prior to 6 months.
  • Applicants are subject to a credit assessment by Manitoba Hydro.
  • PAYS Financing Agreements must be signed by your company's authorized signing officer(s).
  • You cannot combine PAYS Financing with any other Power Smart financing options for the same upgrade.

For a complete list of PAYS Financing terms and conditions, contact us.

Transfer of financing

Commercial PAYS Financing can be transferred from:

  • one business owner to another upon sale of the property;
  • an owner to a tenant.

If you would like to transfer your PAYS Financing to the next property owner, complete and submit the PAYS Owner Assignment and Novation Agreement (PDF, 84 KB).

If your tenant is responsible for paying the Manitoba Hydro energy bill, they must sign the Tenant Acknowledgment (PDF, 138 KB) before your PAYS Financing Agreement will be approved. Every tenant affected by the energy upgrades must sign a form.

It is the responsibility of the property owner to inform the tenant(s) of the PAYS Financing Agreement details and the increased energy bill payment amount. Tenant Acknowledgement forms are not required for subsequent tenants.

How to take part

Your contractor or retailer will work with you to determine if your project is eligible for financing and will help you complete the PAYS Financing Agreement.

  • Find out if you meet the eligibility requirements.
  • Apply for the Power Smart incentive program or submit documents for the annual utility bill savings assessment.
  • Based on your estimated annual utility bill savings, Manitoba Hydro calculates financing terms and provides them to you.
  • Fill out the PAYS Financing Agreement (PDF, 1.7 MB) and submit a copy of the Agreement with your original signature to us. Keep a copy for your records.
  • We will perform a credit assessment. If you qualify, we'll pre-approve the project.
  • You begin the project.
  • You submit all completion documentation to us once all measures are installed.
  • After energy savings are verified, we release the payment (loan amount and incentive amount) to your contractor and apply the loan to your Manitoba Hydro account.

To discuss your project and its qualifying technologies, contact us.

Learn more about Power Smart for Business rebates and incentives.