For homeowners still relying on oil furnaces, there is a new lucrative government rebate that offers an opportunity to switch to more energy-efficient alternatives. The Canada Greener Homes Grant has introduced a new extension to the program called the Oil to Heat Pump Affordability Program, which aims to incentivize homeowners to make their homes more energy efficient by replacing their outdated oil HVAC equipment. In this article, we will explore the inefficiencies of oil furnaces, the benefits of heat pumps, and the details of this exciting new grant.
Heating with oil has long been known to be an inefficient and environmentally harmful method. Older oil furnaces often operate at efficiencies as low as 50-60%, meaning that approximately 40-50% of the oil consumed goes up the chimney, providing no useful heat to the home. The financial implications of heating with oil are also significant, as homeowners must bear the burden of high oil prices and additional expenses due to the Federal Carbon Tax imposed on oil consumption.
Recognizing the need to reduce energy consumption and lower carbon emissions, the Canadian government introduced the Greener Homes Grant, which encourages homeowners to make energy-efficient updates to their homes. These eligible upgrades include but are not limited to replacing old HVAC equipment with a new high-efficiency heat pump. As of May 2023, a new rebate has been added to the project called the Oil to Heat Pump Affordability Program. Titularly, this program specifically aims to assist homeowners with oil furnaces in affording the switch to energy-efficient heat pumps.
Under the Oil to Heat Pump Affordability program, qualifying homeowners can receive up to $10,000 when they replace their old oil furnaces with energy-efficient heat pumps. To be eligible for the program, homeowners must fall within the median income definition, which takes into account the number of individuals living in the household and the household’s income. Fortunately, the income thresholds are quite generous, and a majority of Canadian households are likely to qualify. For instance, a family consisting of two parents and one child with a household income of $100,000 after tax would qualify. The income threshold increases to $122,000 for households with two dependent children.
By taking advantage of the Oil to Heat Pump Affordability program, homeowners can not only benefit from the grant but also enjoy the advantages of a brand-new heat pump just in time for the summer season. Heat pumps not only provide efficient heating during the colder months but also serve as central air conditioning units during the hot summer months. Heat pumps are incredibly energy-efficient HVAC systems which save you money on utility bills when compared to other HVAC equipment.
The Oil to Heat Pump Affordability Program presents an excellent opportunity for homeowners with oil furnaces to make the switch to energy-efficient heat pumps. With the inefficiency and environmental impact of oil furnaces becoming increasingly evident, the grant provides financial support to ease the transition. By taking advantage of this program, homeowners can improve the energy efficiency of their homes, reduce their carbon footprint, and enjoy the benefits of a modern heat pump system.
To find out more about program details and eligibility requirements you can visit the official Government of Canada website. You can also learn more by contacting a Comfort Advisor at Francis Plumbing & Heating who can provide you with equipment options and pricing.