Canada launches rebate program for homeowners installing heat pumps

Canada's government unveiled a rebate initiative targeting roughly 820,000 homeowners whose current heating equipment has broken down or is approaching the end of its service life. Eligible residents can receive financial support when they replace those systems with modern heat pumps, potentially saving about $1,400 each year on heating bills. The program is designed to lower emissions while easing household energy expenses.

In addition, the federal government will collaborate with the Canada Mortgage and Housing Corporation to offer low-interest loans for landlords to upgrade over 280,000 apartment units within the same eight-year period. Prime Minister Mark Carney highlighted the plan as a step toward a more sustainable economy. Further details on application procedures are expected to follow.