Financing a heat pump is easier than you think

If you’re renovating your home, or building a new one, you can pay for a heat pump through easy, on-bill financing options (on approved credit and using one of our participating contractors).

  1. Get estimates
    Choose from our list of participating contractors to obtain quotes. We recommend getting at least three different quotes to compare options and pricing.
  2. Credit application
    Once you’ve chosen your contractor, they will provide you with a credit application form that will be shared with us.
  3. Application review
    Items considered in our reviewed are:

    • NS Power account payment history.
    • Proof of home ownership.
    • Equifax credit report.

    If you’re approved, we will get in touch with your contractor and they will arrange the installation directly with you. If you’re not approved, we will let both you and your contractor know. Average turnaround time to process a credit application is 3-5 business days from the date the application is received.
    Please note: NS Power can only provide a yes or no answer for financing and any questions regarding credit scoring should be forwarded to Equifax at 1-866-828-5961.

  4. Installation
    You and your contractor will complete and witness the financing agreement form prior to your heat pump installation.
  5. Payment
    Once we pay the contractor, we add the financing charges to your NS Power account. You will see the same charges on your bill each month until your term is complete.

 

Interest Rate TERM  Details
7.0% 2 to 10 years Lease-to-own — at the end of the term of the lease, and payment of one dollar, ownership is transferred. The lease is also transferable to an approved buyer in the event of the sale of the home. If the account is terminated the outstanding balance is billed in full.The financing covers the total price, including installation and taxes.

Please note:

  • Customers must have an existing Nova Scotia Power account in good standing and own the residence where the product will be installed. Renters are not eligible for financing.
  • A customer can pay the financing charge in full at any time without penalty.
  • A customer can add a lump sum payment to shorten the term, without penalty.
  • The total amount financed can include service upgrades, heating solutions bundles, maintenance packages and/or extended warranties.


Questions?
Call us at 902-428-6774 in HRM or 1-800-428-6774 outside of HRM, weekdays 8 a.m. to 8 p.m.