The new section will complement the suite of federal authorities initiatives obtainable to Canadians to upgrade their properties and cut back their bills. This consists of the Canada Greener Homes Loan, which continues to provide interest-free loans of as a lot as $40,000 to Canadians of all income ranges to undertake home vitality enhancements. It additionally consists of the Oil to Heat Pump Affordability program, which offers grants of as much as $10,000 to low-to-median-income oil-heated households across Canada who need to make the change to a heat pump. Under new OHPA enhancements introduced in the fall of 2023, the federal authorities has increased these grants to $15,000 for Canadians living in co-delivery provinces that have stepped up with a minimal of $5,000. The federal government may even be providing a one-time cost of $250 to low-to-median-income households in co-delivery jurisdictions when they’re pre-approved to transition to a heat pump. Taken together, these enhanced OHPA grants assist cowl the average cost of a warmth pump and will help those who make the swap save between $1,500 to $4,700 per yr on their power bills.
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