“I don’t think it will be a problem at all,” said John Devereaux of Ground Hog Geothermal and Heat Pump Ltd. Among the amendments to the Public Utilities Act passed this month is a provision that eliminates Nova Scotia Power’s ability to finance heating equipment, such as heat pumps, through customers’ electricity bills. A Nova Scotia Power spokesman said about 35,000 residential and commercial customers have financed heat pumps, water heaters and electric thermal storage units through this financing program since it began in 1994.
“It’s as busy as I’ve ever seen it”
But even with the change, Devereaux doesn’t expect any impact on his business. Demand for heat pumps is “off the charts,” he said. “With the price of oil … people are literally opening their account and calling me,” he said Monday. “It’s as busy as I’ve ever seen it.” Almost all of Ground Hog’s customers throughout Hants County, Halifax Regional Municipality and towards Truro are residential. Devereaux estimates that more than 40 percent of them finance their purchase. His company handles all the paperwork for the client and acts as the point of contact with the financing program. “If there is credit [application] I would supplement it,” he said. “I would basically handle everything for my client.”
There are many financing options
Devereaux estimates that about a fifth of his customers who financed their purchase used Nova Scotia Power, mostly because they liked the convenience of making the repayment part of their electricity bill. A spokesperson for Nova Scotia’s Department of Natural Resources and Renewables said Efficiency Nova Scotia continues to help people connect with a range of programs so they can ditch oil and save money on their energy bills. “You can get an interest-free loan or a rebate for your energy efficiency investment,” Patricia Jreige said in an email. “Many municipalities have programs that allow homeowners to finance these types of upgrades on their property tax bill. Some banks and credit unions provide preferential financing for investments that improve household efficiency.” Federal Environment and Climate Change Minister Steven Guilbeault, left, and Nova Scotia Environment Minister Tim Halman speak to reporters in this file photo. The two levels of government are working out details of a scheme to help people buy heat pumps. (CBC) There is also the introduction of the Low Carbon Economy Fund, which is expected to be launched this winter. This program will use Nova Scotia’s share of $120 million in federal funding recently announced by Ottawa to help people in Atlantic Canada buy heat pumps and retire their oil tanks. “Staff is actively working with federal partners to design the program,” Jreige said. An Efficiency Nova Scotia representative also pointed to the Canada Greener Homes loan as an option for financing a purchase. The agency is continuing discussions with the provincial government and Nova Scotia Power “to provide the best financing options for our customers,” Janet Tobin said in an email.
