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Electrical Services Financing
Financing Made Easy

Newfoundland Power's Electrical Services Financing Plan is available to residential customers of Newfoundland Power who have an active account and own the premise for which the loan is required. Customers who are renting or have a rental purchase agreement are not eligible. Financing is available upon credit approval for many electrical products and services, as indicated in the table.

Those customers wishing to apply for the Energy Efficiency Loan Program (EELP) should select the appropriate technology from the list below. Low interest financing is available for Mini-Split, Multi-Split and Central Heat Pumps, Insulation, and Home Energy Assessments. Please be advised that in addition to Newfoundland Power's regular Customer Financing criteria, to qualify for the low interest financing you must meet the following additional requirements:

  • Primary heat must be Electric
  • You must have a minimum of one year history with Newfoundland Power
  • Your property must have at least 12 months of history with Newfoundland Power
  • Your home must meet minimum insulation levels at the time of application
Product or Service Maximum Amount Financed Maximum Term
of Financing
Electric Water Heaters $1000 for most models
$1425 for long-life heaters with a minimum 15 year manufacturer’s warranty
36 Months
R-2000 Upgrades $10,000 60 Months
Electric Heating Systems & Heat Pumps* $10,000 60 Months
Heat-Recovery Ventilation Systems (HRVs) $5,000 60 Months
Electric Fireplace and Mantles N/A 60 Months
Service Upgrades $10,000 60 Months
Digital & Programmable Thermostats N/A 36 Months
Basement and Attic Insulation* $5,000 60 Months
Home Energy Assessment* $750 36 Months

* Visit takeCHARGE to learn about limited time low-interest financing for heat pumps, insulation and energy assessments through the Energy Efficiency Loan Program.



How it works

If you want to avail of financing, visit your local retailer or contractor to get a price quote on the products or services you desire. Next fill out the Newfoundland Power Loan Application or call a Customer Account Representative at 1-800-663-2802 and advise them you are applying for financing.

Once financing is approved, you will be asked to sign a loan agreement which will be forwarded to Newfoundland Power when the purchase or installation is completed.

Newfoundland Power pays the invoice directly to the contractor or retailer and the monthly finance amount is then added to your electricity bill.


How are payments made?

Payments are made through your monthly electricity bill. Repayment schedules up to 60 months can be arranged (depending on the product financed). Loans may be repaid at any time without penalty. Please note these loans are not life insured.


What will my payment be?

Your payment will be based on the amount of your purchase and the interest rate at the time of purchase.

Find out the current interest rate, then use our Loan Payment Calculator to determine your monthly payment amount.

Please note if you terminate your account before the loan has been repaid in full, the remaining balance and term can be transferred to your new account. If you do not have another active account the remaining balance will become due on your final bill.