Terms of the Power Smart Residential Loan Agreement

• Borrow up to $7,500 in total, of which up to $5,500 can be applied toward the purchase of a high efficiency natural gas furnace.
• The maximum term is 5 years. If the loan (or part of the loan) is for a high efficiency natural gas furnace, that portion has a maximum term of 15 years.
• The minimum loan is $500.
• The minimum monthly payment is $15.
• No down payment is required.
• Billing of monthly instalments included on the Manitoba Hydro energy bill. Loan billing and the responsibility for loan payment will be up to the owner and not to a tenant.
• A $20 administration fee will be charged during the initial 6-months of the loan agreement. Following the expiry date of the initial 6-months of the Loan Agreement, additional payments may be made at any time during the remaining term of the agreement. Finance charges will be reduced accordingly. You may repay the entire outstanding balance at any time.
• The loan becomes due and payable when the house is sold.
• Projects in progress, or already completed, at the time Manitoba Hydro receives the application are not eligible for this loan.