Final intake for income-qualified residents for the Oil to Heat Pump Financing Program
August 31, 2022
For immediate release
Living in a comfortable, climate-friendly home that provides affordable heating and air conditioning is becoming an increasingly cost-effective option for Saanich residents, thanks to a new heat pump financing program.
Saanich, BC – There are only a limited number of remaining spaces reserved for income qualified residents available in Saanich’s Oil to Heat Pump Financing Program. The deadline to apply is noon on September 15, 2022.
As part of incorporating financial equity into Saanich’s sustainability strategy, 50 per cent of the program’s available spaces were reserved for income-qualified residents. After September 15, the remaining unfilled spaces will be filled from the waitlist of non-income qualified applicants.
“Climate equity was a key consideration in the development of Saanich’s climate plan,” said District of Saanich Manager of Sustainability Rebecca Newlove. “This program – as with many of our other sustainability initiatives – aims to remove financial barriers, so that as many residents as possible have the opportunity to take climate action.”
This innovative program enables residents to repay the financed amount over ten years through an additional levy on the home’s property tax payments. Saanich launched this program in April with $350,000 in grant funding from the Green Municipal Fund delivered by Federation of Canadian Municipalities (FCM) and funded by the Government of Canada and $95,000 from the Real Estate Foundation of British Columbia (REFBC).
The Oil to Heat Pump Financing program is being run on a pilot basis. Following an evaluation of the pilot’s success, Saanich will consider expanding the program to more homes and other types of climate-friendly home retrofits as part of its climate commitment to reduce greenhouse gas (GHG) emissions and eliminate carbon-intensive oil heating in our community by 2030.
- To date, only a limited number of spaces remain open for income qualified residents in the Oil to Heat Pump Program.
- A follow up survey sent to program participants indicated that the top motivation of applicants to get involved with the program was reducing greenhouse gas emissions. This was followed by cost savings and replacing aging oil heating systems.
- Over 40 per cent of applicants reported the program accelerated their decision to upgrade to a heat pump.
- Nearly 20 per cent reported that they were not thinking of replacing their oil heating system and that this program was a major contributing factor to their decision to upgrade.
- Nearly 20 per cent stated that they are now able to afford other complementary home sustainability upgrades such as insulation or new windows.
- Out of the households that have participated in the program, the average cost of heating their homes with oil heating was over $2,000 a year.
More information about Oil to Heat Pump Financing eligibility requirements and the steps to participate is available at saanich.ca/heatpumpfinancing