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Residential Earth Power Loan for Geothermal Heat Pumps

The Residential Earth Power Loan assists homeowners with the cost of installing a geothermal heat pump.

Loan details:

  • 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.

Loan Term Interest Rate* Approximate Monthly Payment
$ $
 
Financing Agreement:
  1. Manitoba Hydro will advance the Primary Contractor named above the Total Cost to be Financed, in the aggregate amount of $, upon receipt of a duly completed Progress Payment Request (if any) signed by the Owner and upon receipt of the Completion Certificate signed by the Owner.
  2. The Owner will amortize said amount over a term of months. For the initial months of this Agreement, maximum financing charges of $ will be repaid by equal consecutive payments of $ , calculated at the true annual interest rate of % per annum on the declining monthly balance. The maximum principal amount remaining at the end of the initial month term will be . At the end of the month term, the Owner will be required to pay the principal amount remaining or refinance that principal over the remaining amortization period at available market interest rates. Manitoba Hydro will communicate available options to the Owner through written correspondence 6 months prior to the completion of the initial month term of this Agreement.

Subject to charges on overdue payments. Maximum total amount to be repaid by owner, including financing charges during the initial month term of the agreement: $ .

*Program interest rate is set at 4.9% and locked in for 5 years (subject to change).

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.

Eligibility requirements:

  • 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 CSA C448.
  • Air-source heat pumps do not qualify.

Apply through your contractor.