2018-05-16 10:33:56Accounting NewsEnglishHelp your clients secure a low-interest loan through the Energy Efficiency Loan Program through Newfoundland and Labrador by learning the...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/05/accountant-secures-loan-through-NL-low-interest-loan-program.jpghttps://quickbooks.intuit.com/ca/resources/accounting-news/nl-low-interest-loan-program/Save Money and Energy With the Newfoundland and Labrador Low-Interest Loan Program

Save Money and Energy With the Newfoundland and Labrador Low-Interest Loan Program

1 min read

The Energy Efficiency Loan Program (EELP) through the Government of Newfoundland and Labrador makes it easier for your clients to increase their energy efficiency. This program lets your client borrow up to $10,000 over five years at 4.95% to pay for insulation, heat pumps, or home energy assessments.

To get the low-interest loan, your client has to be a registered homeowner. Their primary heating source must be electricity, and their house has to have been connected to an electricity system for at least 12 months. In addition, your client has to have had an account with either Newfoundland Power or Newfoundland and Labrador Hydro for the past 12 months.

There’s also certain eligibility requirements for each of the three energy efficiency options your client can pursue. If they’re looking into insulation, the insulation locations have to meet certain requirements. Your client can’t use funds to replace existing insulation; only new insulation is eligible. If your client is opting for a new heat pump, it has to be installed by a certified journeyperson who’s a refrigeration and air conditioning mechanic. The installation has to also be done by a registered electrical contractor working under a permit.

If your client is looking into a home assessment, it has to include a blower door test, thermal imaging, general inspection of all the rooms in your client’s house, and a written assessment of the results. The assessment also has to be done by an NRCan Certified Energy Advisor. If your client can meet the requirements above, they can get a low-interest loan to help get them on their way to making their home more energy efficient.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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