Power Smart Residential Loan
Loan agreements that were received for approval on or after October 21, 2011 are eligible for the new 3.9 per cent interest rate. Loan agreements approved prior to October 21, 2011 may be eligible for the new interest rate if the work has not been completed and if we have not received your signed completion certificate.
For all loan agreements where the work has been completed (if we have received your signed completion certificate for the loan agreement that states the work is complete), the previous 4.9 per cent interest rate will be effective for the term of your loan. Loan agreements that are completed and are being billed to your energy account will remain fixed for the remainder of the contract term.
- The loan covers the following upgrades:
Loan Details
- Borrow up to $7,500 per residence. Up to $5,500 of that may be put toward the purchase of a high efficiency natural gas furnace.
- The maximum term is 5 years for all energy efficiency upgrades and 15 years for the purchase of a high efficiency natural gas furnace.
- Annual interest rate is fixed at 3.9 per cent (O.A.C.) for the first 5 years.
- Monthly installments will be included on your energy bill.
- Applicant must be a Manitoba Hydro customer and the owner of the home in which energy improvements are to take place.
- Upgrades must be made to levels recommended by Manitoba Hydro.
- The loan does not apply to central air conditioning (see The Energy Finance Plan (EFP)).
How to Apply
To apply for the Power Smart Residential Loan, speak with your contractor (if you have one) or retailer (if you're doing the work yourself). Your contractor or retailer will work with you to determine if your project is eligible for financing and will assist you with completing the loan application.
If your contractor or retailer does not participate in Manitoba Hydro's Power Smart Residential Loan, have them call Manitoba Hydro at 1-888-MBHYDRO (1-888-624-9376) or email the Power Smart Expert for information on how to participate.
