How much you get
Peterborough's electricity comes from Hydro One, which took over the former Peterborough Distribution Inc. in 2020. The province's Home Renovation Savings Program (HRSP) splits the heat pump rebate two ways: what fuel you're currently using, and whether you install an air-source or ground-source unit.
Gas customers switching from gas, air-source
Cold-climate air-source unit.
Gas customers switching from gas, ground-source
Flat rebate for ground-source systems.
Electric, oil, propane, or wood heat, air-source
Cold-climate air-source unit.
Electric, oil, propane, or wood, ground-source
Highest tier available under HRSP.
We could not confirm a hard expiry date for the HRSP program on the official site, so check homerenovationsavings.ca directly before relying on any deadline you've seen elsewhere.
Financing the rest with Better Homes Peterborough
Up to $50,000 at 4.5%, repaid through your property tax bill
A heat pump can still cost several thousand dollars after the HRSP rebate. Peterborough runs its own retrofit loan, Better Homes Peterborough (formerly the Home Energy Efficiency Program), delivered through EnviroCentre. It relaunched February 19, 2026 and runs through March 2029, offering a secured loan of up to $50,000 at 4.5% interest, repaid over 15 years through your property tax bill, or an unsecured personal loan option through Kawartha Credit Union. Heat pumps are an explicitly eligible upgrade. Call 1-888-284-9417 or visit betterhomesptbo.ca for details.
What you'll actually save each month
The HRSP rebate and the Better Homes Peterborough loan both help with the upfront cost, but the number that tells you if a heat pump is actually worth it is how quickly the monthly electricity savings cover whatever's left after both. That requires a real rate.
- Electricity (OEB Regulated Price Plan, Nov 2025–Oct 2026): whether Peterborough Utilities Commission or Hydro One appears on your bill, the commodity rate itself is set provincially by the OEB, not locally. Time-of-use: off-peak 9.8¢/kWh, mid-peak 15.7¢/kWh, on-peak 20.3¢/kWh, averaging 12.8¢/kWh. Tiered: 12.0¢/kWh then 14.2¢/kWh past the monthly threshold. (See the OEB rate report →)
- Natural gas: if you're switching off gas to claim the lower HRSP tier, the honest comparison needs this month's actual Enbridge Gas rate for your delivery zone, since it changes quarterly and there's no single figure worth printing here. (Check Enbridge's current rate →)
A cold-climate heat pump (required for the HRSP rebate) typically moves 2.5–3.5 units of heat for every unit of electricity it uses, which is what makes it cheaper to run than electric resistance heat even at Peterborough's own rate. Given how close Peterborough's coldest recorded night (-31.2°C) sits to a cold-climate unit's rated limit, that ratio narrows somewhat on the very worst nights of the year.
Run your own numbers: our free assessment tool factors in your bill, your system, and both the HRSP rebate and the Better Homes Peterborough loan.
How to claim it
- Complete the eligibility form on the Save on Energy portal
- Select a participating HVAC contractor
- Get mandatory pre-installation approval before work starts
- Installation is completed
- Contractor submits the post-installation application
- Rebate cheque arrives within 60 days of approval
Heat Pump installers in Peterborough
We haven't independently vetted specific heat pump installers in Peterborough yet, so we're not going to invent names or star ratings for this page. Browse our installer directory to compare local companies yourself, or run the free assessment below and we'll help connect you with someone once we have vetted options in your area.
Browse the HomePowerRebate installer directory →
Common questions
How much does a heat pump rebate cover in Peterborough?
It depends on the heat pump type and your current fuel. Gas customers switching from gas get up to $2,000 for an air-source unit or $3,000 for ground-source. Households switching from electricity, oil, propane, or wood get up to $7,500 for air-source or up to $12,000 for ground-source. This is the same provincial HRSP structure as the rest of Ontario. On top of that, Peterborough's own Better Homes Peterborough program can help finance the rest of the project through a loan.
Can I combine the HRSP rebate with the Better Homes Peterborough loan?
Yes. The HRSP rebate reduces the sticker price of the heat pump, and the Better Homes Peterborough loan can then finance whatever's left, up to $50,000, repaid over 15 years through your property tax bill or through Kawartha Credit Union. The two programs are separate and stack.
Peterborough Runs Its Own Utility, Literally
Unlike most cities on this site, Peterborough isn't served by one of Ontario's big multi-city utilities. Peterborough Utilities Commission is municipally owned and serves Peterborough specifically, nowhere else. That local structure doesn't change the rebate math above — the amounts come from the province — but it does mean panel-capacity questions and billing issues go to a smaller, single-city operation rather than a call center juggling a dozen municipalities. We haven't confirmed a PUC-specific heat pump incentive on top of the provincial program; a direct call is the fastest way to find out if one exists.
How much colder Peterborough gets than the GTA
Peterborough sits further from the moderating effect of the Great Lakes than cities like Mississauga or Oakville, and the numbers show it: a 10-year average January low of -11.4°C (2015-2024), nearly four degrees colder than Mississauga's average over the same stretch, with a coldest recorded night of -31.2°C. Still, a cold-climate heat pump (the type this rebate requires) is built to hold its efficiency down to roughly -25°C, so even Peterborough's coldest night on record falls within a reasonable margin of what the equipment is designed for.
Next steps
View all Peterborough rebate programs → or check the official Home Renovation Savings Program site → for the current source of truth.