Heat pump financing in Victoria, BC: what is open and what has closed

Saanich and Central Saanich: interest-free, on the tax bill

Saanich: Up to $12,000 at 0% interest for homes primarily heated with oil, natural gas or propane, repaid over 10 years through a levy on the property tax bill. The financing agreement must be signed before any work starts. Oil-heated homes need Saanich Fire Department permits for tank work. Next intake deadline October 13, 2026. Who qualifies: homes primarily heated with oil, natural gas or propane; the agreement must be signed before work starts, and a program contractor must do the installation. Central Saanich: Up to $12,000 at 0% over 10 years for homes primarily heated by an oil, propane or natural gas furnace or boiler; requires a pre-upgrade EnerGuide evaluation. Funding supports four homes in 2026. Ongoing, limited to four homes in 2026.

Both work the same way. The municipality pays the contractor, and you repay through a line on the property tax bill. Because the charge sits on the property, the payments transfer to the new owner with the property, or the balance can be paid off. Saanich recommends talking to your mortgage lender before you sign.

No other municipality in Greater Victoria offers financing that we could find. The Home Energy Navigator, which is free, lists only these two.

What has closed, so you can stop looking

The federal Canada Greener Homes Loan: Fully committed; closed to new applications. The province's low-interest financing through Better Homes is no longer on the program list and its pages return an error. BC Hydro offers rebates but no loan.

FortisBC does have a heat pump loan, but not here: up to $6,500 at 1.9 per cent over ten years, for FortisBC electricity customers only; not available in Greater Victoria.

Lenders and installer financing

Vancity offers $3,500 to $50,000 over up to 15 years at Vancity Prime plus 0.75 per cent, and lists heat pumps for space heating and for hot water as qualifying work. RBC offers one per cent off the interest rate on a fixed-rate loan over $5,000. Both are ordinary loans with a small incentive, and the rate you get depends on you.

Many installers offer financing through a lender at the point of sale. One of the largest is Financeit: loans up to $100,000 with a set-up fee of 1.49 per cent capped at $149; no standard interest rate is published. A promotion with no interest for a period is something the installer pays the lender for, which is a cost of the sale like any other. That is why it is worth asking for two prices, one financed and one paid in full.

The order to do things in

Financing goes wrong when it is arranged last. The municipal programs and the income-tested rebate both have to be in place before the installer starts.

1. Find out which rebate you qualify for, from your current fuel and your income.
2. If you live in Saanich or Central Saanich and heat with oil, gas or propane, apply for the municipal financing and wait for the agreement.
3. Get two or three written quotes from program registered contractors.
4. Compare the financed price with the price for payment in full.
5. Sign, then install. Not the other way round.