The Province is once again offering a popular low-interest loan program to help Islanders save on home heating costs.
Minister of Environment, Energy and Forestry Jamie Ballem said Government is renewing the Alternate Heating Loan Program for 2006/07. The low-interest loan program helps homeowners install alternate heating systems such as wood or pellet stoves, solar air or water heating systems, groundwater heat pumps, and drain water heat recovery systems.
Minister Ballem said the program was very popular last year with 133 loans approved for a total of more than $530,000.
“That investment will result in significant savings for homeowners. Whether they installed a pellet stove or a groundwater heat pump, these Islanders have made changes that will help them save energy and save money year after year,” said Minister Ballem. “Government is pleased to provide the opportunity for more Islanders to take advantage of the low-interest loans.”
Loans of a maximum $5,000 per household are available to Island homeowners at a rate of 6% interest. The loan can be used to purchase an alternative heating system; install the system; and purchase any accessories that are needed for the safe and efficient operation of the system. For example, if you are installing a wood stove and need a new chimney to operate it, you may apply for the loan to purchase the stove and build the chimney. Loan applications are available at Access PEI sites and online at www.gov.pe.ca/go/saveenergy The loan program is retroactive to March 31, 2006, which is when the previous program expired.
As an added incentive for homeowners to consider installing small-scale renewable energy equipment, there is a provincial sales tax exemption on items such as ground-source heat pumps, drain water heat recovery systems, and solar panels for domestic hot water heating systems. All of these items are used in the Rotary Luxury House, located at Primrose Point in Cornwall. The Province is a partner in the Rotary fund-raiser to showcase renewable energy technologies in the home. The house is open to the public Wednesday to Sunday, 12 noon to 8 p.m.
Islanders are reminded that the Residential Energy Assistance Program has also been renewed for 2006/07. The program provides direct assistance to low-income Islanders in the form of a home energy efficiency upgrade which includes measures such as weatherstripping, caulking, a furnace tune-up and installing a programmable thermostat. Last year, about 1,900 households took advantage of the program, with average savings estimated to be 15-20 per cent or $400-500 each year. The deadline for applications to the Residential Energy Assistance Program is January 15, 2007.
Minister Ballem said all of these programs are part of Government’s plan to help Islanders – particularly those who are most in need of help – cope with the higher cost of home heating fuel.
“World oil prices continue to remain high, with another record price set just last month. As a result, the cost of furnace oil has increased about 40 per cent over the last couple of years,” the Minister said. “However, there are things we can do to save energy and that includes both using energy wisely and using alternate heating sources that reduce reliance on oil.”
For further information on any of PEI’s energy assistance programs, call the Department of Environment, Energy and Forestry at 368-5990 or toll free 1-888-893-4333, or visit the website at www.gov.pe.ca/go/saveenergy