Manitoba Hydro announced a lower interest rate for the popular home energy improvement financing plan – the Power Smart Residential Loan. To encourage more Manitobans to become energy efficient, Manitoba Hydro has lowered the interest rate for all new loan applications to 4.9 per cent effective immediately.
“Lowering the interest rate for Power Smart loans helps encourage more Manitobans to upgrade the energy efficiency of their homes, reduce their energy bills and make an environmental contribution. More Power Smart loans also mean more economic activity and employment in Manitoba,” said Hon. Greg Selinger, Minister Responsible for Manitoba Hydro.
“Our Power Smart programs help Manitobans save money on their energy bills and reduce greenhouse gases,” said Bob Brennan, President and CEO of Manitoba Hydro. “Combined with the recently announced Federal Government renovation tax credit, financial incentives from Manitoba Hydro, the Province and the ecoEnergy Program, the lower interest rate will make home energy improvements even more affordableand attractive for our customers.”
The lower interest rate will be partially supported through the Affordable Energy Fund. The intent of the Affordable Energy Fund is to enhance Manitoba Hydro’s programs that improve energy efficiency, conservation, use of alternative energy sources, and heating efficiency. Improving efficiency now helps ensure sufficient and sustainable energy resources will be available in the future.
The Power Smart Residential Loan is an important part of Manitoba Hydro’s Power Smart residential initiative that provides homeowners with access to convenient financing, rebates, technical expertise, and federal and provincial incentives. To date, more than $188 million in loans has been issued to 48,000 customers for home energy improvements.
“These upgrades have helped our residential customers to significantly reduce their home heating costs and have stimulated an estimated additional 1,800 person years of employment in Manitoba.” added Bob Brennan.
Some of the energy saving measures covered by the loan include: adding insulation; upgrading the efficiency of an existing furnace or water heater; installing ventilation system; replacing windows and doors; and installing a low flush toilet. Homeowners may borrow up to $7,500 per residence and the minimum loan is $500. No down payment is required. The maximum term is 60 months, and the minimum monthly payment is $15. Monthly installments will be included on your energy bill.
Since 1991, Manitoba Hydro’s Power Smart initiative has offered Manitobans programs and financial incentives to help make their homes and businesses more energy efficient. The objective of Power Smart is to meet energy needs through efficiency improvements, and reduce negative effects on the environment. Power Smart supported products last longer, reduce maintenance and labour costs, and improve living and working environments. Since Manitoba Hydro implemented energy efficiency programs, it’s estimated that Manitobans have prevented more than 965,000 tonnes of carbon equivalents from being released into the atmosphere, and saved about $275 million on their energy bills.
