A new furnace, air conditioner, heat pump or water heater is a big expense. Here are your options: rent with $0 upfront, spread a purchase over monthly payments, and use the rebates and low-interest loans that Ontario homeowners can get today.
Rental prices are before HST. Rebates are set by each program and can change.
📞 Call (647) 677-0037GT Home Services offers financing on new equipment, so you can replace a furnace, air conditioner, heat pump or water heater now and pay for it monthly. Ask us for the current terms when we quote.
Toronto homeowners have another option: the City of Toronto's HELP loan, repaid through the property tax bill. And if you would rather not own the equipment at all, our rental plans have no upfront cost and include repairs.
The City of Toronto's Home Energy Loan Program (HELP) lends Toronto homeowners up to $125,000 for energy upgrades, including heat pumps, high-efficiency furnaces and air conditioners, and tank and tankless water heaters. You repay the City through your property tax bill, and you can hire the contractor of your choice.
| Who can apply | Owners of a house or low-rise residential building (up to three storeys and six units) in Toronto, with a postal code starting with M. All owners on title must agree, and your mortgage lender must consent. |
|---|---|
| How much | Up to $125,000. The loan, including interest and a 2% City administration charge, cannot exceed 10% of your property's current value assessment. |
| Interest | A fixed rate set by the City for the full term. Check the City's HELP page for the current rates. |
| Term | 5, 10, 15 or 20 years. The 20-year term is for projects that include a heat pump, solar, geothermal or new windows. |
| Repayment | 11 monthly instalments a year on your property tax bill. You can pay off the balance at any time. |
| If you sell | The loan is attached to the property, so the new owner takes over the remaining balance. |
| Energy assessment | Not needed for heat pump-only projects. Other upgrades need an EnerGuide assessment before and after the work. |
Source: City of Toronto Home Energy Loan Program, checked October 14, 2026. The City sets the rates, terms and eligibility, and they can change. You can combine HELP with rebates from the City, the Province, the Government of Canada and utilities.
Rebates come from manufacturers and governments, and they change often. Here is what applies today.
| Rent | Finance | Buy outright | |
|---|---|---|---|
| Upfront cost | $0 | Depends on the terms | Full price |
| Monthly cost | Flat rental fee | Loan payment | None |
| Who owns it | GT Home Services | You | You |
| Repairs | Included | Manufacturer's warranty | Manufacturer's warranty |
| Yearly maintenance | Included | Optional, extra | Optional, extra |
| Navien $400 rebate | No, purchases only | Yes | Yes |
Compare rental plans, or read about heat pumps, the equipment the new federal rebate is aimed at.