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Ottawa Homeowners Can Now Finance a Heat Pump at 4.33% Through Their Property Tax Bill

The biggest reason people stick with an aging furnace isn’t comfort. It’s the quote. One number, all at once, and suddenly a heat pump feels like a “someday” project instead of a “this fall” one.

Ottawa has a program built specifically to get rid of that excuse.

The Program, In Plain Terms

It’s called the Better Homes Ottawa Loan Program, and it’s run by the City — not by any HVAC contractor, including RB Heating Climatecare, which is administering installs under it. The terms are straightforward: a fixed 4.33% interest rate, repayment stretched out over up to 20 years, and a borrowing cap of $125,000 (or 10% of your home’s assessed value, whichever is lower).

Here’s the part that actually changes the math for most people: you don’t get a separate loan payment showing up in your inbox every month. The cost gets folded into your property tax bill instead. There’s a $10,000 minimum loan and a 4% admin fee tacked on, and the money only goes toward approved upgrades — cold-climate heat pumps, HRV/ERV systems, electric water heaters. Not a blank check, but a real one for the equipment that matters.

What Actually Happens, Step by Step

It’s less complicated than it sounds:

You book a free consultation. RB Heating comes out, looks at your current setup, and figures out what fits your house — not just what’s on sale. From there you get an itemized quote, which becomes the paperwork you use to apply through the City’s program and any rebates you’re eligible for. Once the Notice to Proceed lands (and any rebate approval, if you’re going that route), the install happens.

Skip a step — especially starting work before that Notice to Proceed comes through — and you risk losing your eligibility entirely. Worth waiting on.

Can You Stack Rebates on Top?

Yes, and this is where it gets genuinely worth doing the math. The financing and the rebate programs run on completely separate tracks with separate applications, but nothing stops you from doing both at once. Right now that could mean up to $4,000 in additional heat pump rebates layered onto the 4.33% financing — though the real number depends entirely on your equipment and situation, so don’t pencil it into a budget until it’s confirmed.

Why Bother Financing Instead of Saving Up?

A fixed rate means your payment doesn’t move even if borrowing costs climb elsewhere. A cold-climate heat pump also does double duty — heating and cooling from one system, which means you’re not running a furnace and a separate AC. If your home doesn’t have ductwork, ductless units are covered too, so that’s not a dealbreaker. And efficient equipment tends to start paying you back on energy bills almost immediately, which takes some of the sting out of the loan payment. There’s a resale angle here as well — buyers are asking about heating and cooling costs before they even make an offer these days.

Who Actually Qualifies

Eligibility comes down to your property and your postal code, and it’s confirmed by the City’s program administrator — not by RB Heating. That said, RB Heating can run an initial check for you so you’re not guessing before you even start the process.

Where RB Heating Fits In

RB Heating has been doing this in Ottawa for three decades and carries HRAI Heat Pump Champion recognition. Their end of things is the assessment, sizing the right unit for your home, the itemized quote, and an install done to code. The loan approval and paperwork stay entirely with the City — RB Heating isn’t the lender, just the crew making sure the equipment fits and works. If a heat pump doesn’t turn out to be the right call for your place, they also handle straight air conditioning installation.

If you’re weighing your options, a free home comfort consultation costs nothing and doesn’t commit you to anything — worth doing before winter makes the decision for you.