The term geothermal is used to describe an alternative to traditional heating and air conditioning systems. The concept takes advantage of the ground's heating and cooling properties (the same properties that make any basement cooler in the summer) to heat or cool entire buildings.
SaskPower offers a loan program for residential and farm customers who choose to install a Canadian Geoexchange Coalition (CGC) certified geothermal heating and/or a renewable electricity system.
This program is applicable to all Saskatchewan residents who install a system in a new home, or choose to retrofit an existing home to accommodate a geothermal and/or renewable system.
Eligible customers can receive a loan from $1,000 to $50,000 for system installation. As part of our commitment to our customers, SaskPower will subsidize the interest rate by 3.5 per cent.
The interest rates as of June 2, 2009* are as follows:
- $1,000–$2,499: 10.00%
- $2,500–$4,999: 7.50%
- $5,000–$9,999: 5.50%
- $10,000–$24,999: 4.25%
- $25,000–$50,000: 3.85%
*Please note these interest rates are subject to change at any time and may not be the official rates.
Please see your local supplier for the official rates that will be given at the time of your loan application.
How to apply
You will need to contact a local distributor to fill out a loan application. You can use the Saskatchewan Green Directory to find a local distributor or contact the Canadian Geoexchange Coalition for more information.
For more information about this program, please contact SaskPower at 1-888-757-6937.
