Ottawa has launched the first phase of its Canada Greener Home Loan program, which offers interest-free loans to Canadians planning upgrades that will have a significant impact in reducing their home’s environmental footprint.
The program provides interest-free loans of up to $40,000 (minimum $5,000) per household to help finance eligible retrofits, and you have up to 10 years to pay the money back.
The first phase is now open to eligible homeowners who are applying for the Canada Greener Homes Grant and active applicants at the pre-retrofit EnerGuide evaluation stage of the Canada Greener Homes Grant.
The second phase will begin August 31st for homeowners who have already received a grant or requested a post-retrofit EnerGuide evaluation under the Canada Greener Homes Grant and want to apply for any remaining eligible retrofits they’re interested in pursuing but haven’t started.
Before you can apply for the loan, you must:
- Be approved for the Greener Homes Grant
- Have a pre-retrofit evaluation completed and receive your renovation upgrade report
- Obtain quotes from contractors for the retrofits you plan to do
This loan doesn’t apply to the following:
- Work that you’ve already started or completed
- Retrofits that haven’t been recommended by an energy advisor
- Retrofits that aren’t eligible for a Canada Greener Homes Grant
- Retrofits that aren’t included in your application
To begin work in your home, a portion of the loan can be delivered to you upfront. Contractors often require a down payment for these types of projects. The balance of the loan will be delivered upon successful completion of the retrofits, and verification through a post-retrofit evaluation.
Have questions about your mortgage options or special loans and incentives for which you may be eligible to save more money? Answers are a call or email away!