PAYS (Pay As You Save) Financing Program

Last updated: 25 March 2019
Qualifying energy efficiency technologies can be financed to completely cover or substantially reduce the capital costs required for the upgrade. The monthly loan amount is based on the utility cost savings: average monthly savings become the monthly payment. If qualified, the monthly installments are added to the Manitoba Hydro energy bill.
Projects eligible for PAYS Financing must receive pre-approval for incentives under one or more of the commercial Power Smart programs. If the technology is not part of an existing Power Smart program, it must meet one of the following criteria for financing: energy efficiency building improvements; greenhouse gas emission reduction measures which as part of an energy measure save on the energy bill; install lower cost heating sources;
Financing information

Customer segment Interest rate* Financing amount Loan terms

Business 5.6% Minimum: $1000
Maximum: based on energy savings 25 years for insulation projects
Up to years 20 years or less for non-
insulation projects


Government &
institutional 5% Minimum: $1000
Maximum: based on energy
savings 25 years for insulation projects
Up to years 20 years or less for non-
insulation projects


*Current annual fixed interest rates for the first 5 years (On Approved Credit)

All upgrades must meet Manitoba Hydro's minimum efficiency requirements as outlined in the appropriate program's materials. Upgrades must be made to levels recommended by us and completed within 12 months of pre-approval. Manitoba Hydro decisions relating to product or customer eligibility, energy savings potential of proposed projects, incentive amount, or other related issues are final and binding on all parties.

PAYS Financing covers qualifying upgrades through Power Smart rebates and incentive programs: heating and ventilation; geothermal heat pump systems; insulation; lighting; custom measures; toilets and urinals.

Development Authority: Manitoba Hydro

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End uses covered
  • Building end-uses
  • Building systems
  • Space heating
  • Ventilation
  • Lighting
  • Building vintage
  • Existing buildings
  • Other