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Financing Plans

Financing Made Easy

Newfoundland Power's Electrical Services Financing Plans are available to current residential customers of Newfoundland Power who 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.

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Product or Service Maximum Amount Financed Maximum Term
of Financing
Electric Water Heaters $1,200 for most models
$1,425 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)/Energy-Recovery Ventilators (ERVs)

$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

How It Works

If you want to avail of financing, your first step is to get a price quote on the products or services you desire. Next fill out the Newfoundland Power Loan Application or call a Customer Service Representative at 1-800-663-2802 and advise them you would like to apply 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 complete. 

Newfoundland Power pays the invoice directly to the retailer or contractor providing the product or service 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 Payments 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.