To cut costs for Canadians, the government has paused the carbon tax for homeowners who heat their houses with oil. This applies to the whole country. Between the savings from not having to pay the carbon tax for 3 years and heat pump grants and rebates, now is the time to upgrade to a heat pump. Read on to find out how you could save thousands on installing a heat pump and use the carbon tax exemption to your advantage.
Why Upgrade to a Heat Pump?
First of all, switching from oil heating to a heat pump could save homeowners as much as $2,500 per year. Between the carbon tax exemption and heat pump grants and rebates, more Canadians can make the switch.
Reasons to upgrade to a heat pump:
- Long-term cost savings
- Reduced energy consumption
- Lower carbon emissions
- Better air quality
- Protection against fluctuating oil prices
- Customizable zoned heating and cooling
- Dual-function system (heating and cooling)
- Grants and rebates
Carbon Tax Exemption & Oil to Heat Pump Affordability Program
Apart from the carbon tax exemption, you have the opportunity to secure an upfront payment of $10,000 through the Oil to Heat Pump Affordability Program. This initiative is designed to assist Canadian homeowners transition from oil-based heating to a cold climate air source heat pump.
Heat Pump Grants & Rebates
Trudeau also announced that Canadians living in rural areas would receive higher rebates. For instance, the Climate Action Incentive Payment rural top-up will be double, increasing from 10% to 20% of the baseline amount. This is effective as of April 2024.
Don’t forget that aside from these recent initiatives, there are heat pump grants and rebates that you can take advantage of. Eligible Canadians should apply now – before March 2024 – to get up to $7,800 to help pay for the installation of a heat pump. As part of this application, you can also apply for a no-interest $40,000 loan to help complete other energy upgrades in your home.
Use These Incentives to Upgrade!
It’s clear that now is the time to upgrade to a heat pump, especially if you currently heat your home with oil. Between the carbon tax pause and the other incentives, you can save thousands on heat pump installation. Plus, you can benefit from the long-term savings that a heat pump may provide. But don’t wait, these opportunities to save won’t last forever!
HAMCO Heating & Cooling Ltd. has been serving the heating and air conditioning needs of Hamilton, Burlington, Oakville, Grimsby and Brantford areas since 1946. We have a wide range of air conditioners to fit your specific needs and budget and the expertise to install and service a wide range of cooling systems.