Power Smart Residential Loan

Our Power Smart Residential Loan is a convenient and affordable financing option if you want to make energy efficiency upgrades to your home.

The loan covers qualifying upgrades for:

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  • Your monthly payment will be added to your energy bill.
  • Your home will be more energy efficient and comfortable.
  • No down payment is required.

Financing information

  • The minimum allowable loan amount is $500.
  • The maximum allowable loan is $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 monthly payment is $15.
  • No down payment is required.
  • The loan becomes due and payable when the house is sold. The loan is not transferrable.
  • Annual interest rate is fixed at 4.8 per cent (O.A.C.) for the first 5 years.
  • Monthly instalments will be included on your energy bill. Loan billing and the responsibility for loan payment will be up to the owner and not to a tenant.
  • You must be the owner of the home in which energy improvements are made and have an active Manitoba Hydro account in good standing.
  • Upgrades must be made to levels recommended by Manitoba Hydro.
  • Additional or complete payments may be made after 6 months from the first finance charge on your account. A $20 administration fee will apply for any complete payments prior to 6 months.
  • Indigenous customers living in Band-owned homes are eligible for financing with a Band Council Resolution.
  • You cannot combine Power Smart Residential Loan financing with any other Power Smart financing option for the same upgrade.

Financing is not available for:

  • unoccupied homes, seasonal homes (cottages), apartment buildings, garages, commercial properties, and homes under construction;
  • 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;
  • your labour – only materials and equipment are covered for do-it-yourself projects;
  • labour in the absence of a qualified technology;
  • central air conditioning (see the Energy Finance Plan (EFP)).

How to apply

A registered program supplier (contractor or retailer) will work with you to determine if your project is eligible for financing and will help you complete the loan application.

Contractors and retailers: if you are not on our registered supplier list, you can apply now to become a registered supplier.