Government Announces New Home Energy Savings Programs #nlpoli
The Provincial Government announced $9 million in funding over three years for two new home-energy-efficiency programs. Government will provide financial assistance to homeowners looking to reduce their energy costs by improving the energy efficiency of their homes.
The Home Energy Savings Program (HESP) will provide low-income households with grants of up to $5,000 for cost-effective upgrades in existing homes with electric heat, focusing on insulation and air sealing. The HESP will be delivered over three years by the Newfoundland and Labrador Housing Corporation.
The Home Energy Efficiency Loan Program (HEELP) will provide low-interest loans for energy efficiency home upgrades. Through the HEELP, qualifying home owners whose homes are reliant on electric heat can receive financing of up to $10,000 over five years for heat pumps and insulation.
The program features low-interest financing of Prime plus 1.5 per cent, and will be delivered by the Office of Climate Change in partnership with Newfoundland Power and Newfoundland and Labrador Hydro over three years.
Funding in 2017-18 for HESP is $1 million, rising to $2 million in 2018-19 and 2019-20. The program will launch on July 4, 2017. Funding for HEELP is $1 million in 2017-18, rising to $1.5 million in 2018-19 and 2019-20. This program will launch in October.