Skip to Sub Navigation

Main Menu

Loan Details

If you install a solar water heating system, consider a Residential Earth Power Loan. The following terms are for solar water heating systems only:

  • borrow up to $7,500 per residence;
  • minimum loan is $500;
  • no down payment is required;
  • maximum term is fifteen years (180 months); minimum monthly payment is $15;
  • Interest rate is 4.9 per cent (for the initial 5-year fixed term);
  • monthly instalments are billed on your energy bill. Loan billing and responsibilities for loan payments will be up to owners and not tenants;
  • 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 after 6 months. An additional $20 administration fee will be charged during the initial 6 months of the loan agreement, finance charges will be reduced accordingly;
  • the loan becomes due and payable when the house is sold;
  • applicant must be a Manitoba Hydro customer, and the owner of the home in which the solar water heating system is installed;
  • the system must meet the eligibility requirements;
  • loans must be pre-approved before work begins. Projects in progress or already completed at the time we receive the application are not eligible for this loan.

Solar Water Heating Loan Calculator

Step 1:
Enter in the total amount of the loan (principal) – cannot exceed $7,500.
Step 2:
Select the term (amortization period) of the loan.
Step 3:
Click "Calculate" to estimate your monthly loan payment.
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 per cent and locked in for 5 years (subject to change).

For more information on the Residential Earth Power Loan for solar water heaters contact us at 1-888-MBHYDRO (1-888-624-9376) or email the Power Smart Expert.