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Save Money and Energy with Heat Pump Financing

Have you considered installing a heat pump to make your home more comfortable and take the pressure of your energy bills? First Class Contracting can now help make that decision easier with financing and savings opportunities in partnership with Newfoundland Power. As an approved vendor and certified heat pump installer for NL Power for all of NL, we can offer low rates of prime plus 1.5%.

Is a Heat Pump Right For Me?
You are right. A heat pump is a big investment, which starts at about $3,000 for a mini-split and can end up at $20,000 or more for a central-ducted system. To make sure that a heat pump is right for your home, consider these factors:

  • Insulation: You want to be sure that your home is well insulated and draft proof before installing a heat pump.
  • Payback: A heat pump usually lasts 10-15 years, so calculate how much you need to save to make it worth the investment. Here is a guide to help you calculate payback.
  • House layout: For ductless heat pumps, open concept layouts or large rooms yield more savings on your energy bill.
  • Some maintenance: You will need to clear snow from the outside unit in the winter, and clean or change filters regularly.

What Is the Customer Financing Plan?
The key to your new heat pump in St. John’s or surrounding area just might be the NEW Energy Efficiency Loan Program (EELP). As part of Budget 2017, the provincial government is introducing the EELP program, which will offer low-interest loans towards the purchase and installation of insulation and heat pumps. The program is being implemented by the Department of Municipal Affairs and Environment in partnership with Newfoundland Power and Newfoundland and Labrador Hydro, through takeCHARGE.

Newfound Power began accepting EELP applications October 31, 2017. As an authorized installer, First Class Contracting will be happy to help you with information about services covered, eligibility criteria, payments and interest rates. We welcome your calls at 709-730-0260. Get started here with an information packet from Newfoundland Power in PDF form.

Saving money today is as easy as 1, 2, 3
1. Call First Class Contracting at 709-730-0260 for your free heat pump quote.
2. Complete the NL Hydro financing application found here.
3. Submit your approved NL Hydro financing application to First Class Contracting and get your custom installation booked today.

Heat Pumps

Get the details about heat pump installation services.

Find Out More

First Class Contracting

NL Canada


Service available 7 days a week by appointment

Service Area

  • St. John’s 
  • Conception Bay South
  • Eastern Avalon
  • Paradise
  • Surrounding Areas


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