With the Greener Homes Grant wrapped up, Canadian homeowners are turning their eyes to what’s still on the table—the interest-free Greener Homes Loan. This initiative offers homeowners an opportunity to make their homes more energy-efficient without depleting their savings. So, if you’re wondering whether this loan is your ticket to a greener home and how to get on board, you’re in the right place!
The Greener Homes Loan: A Quick Overview
Offering up to $40,000, the Canada Greener Homes Loan aims to help homeowners make energy-efficient upgrades to their primary residences. It’s part of Canada’s broader initiative to encourage sustainable living practices and reduce the environmental footprint of its housing sector. Whether you’re looking to install solar panels, upgrade your insulation, or swap out your old furnace for a more energy-efficient model, this loan may help.
Eligibility: Who Can Apply?
Now, for the million-dollar question: are you eligible? The loan is designed for Canadian homeowners who are looking to perform eligible retrofits to their primary residences. If you own a single-family home, a townhouse, a mobile home on a permanent foundation, or even a mixed-use building (residential portion only), you could be in luck. The key is that the upgrades must be among those recognized by the program as eligible for funding. You can find eligible retrofits here.
In summary, you must:
- Be a Canadian citizen, permanent resident, or legally authorized non-permanent resident
- Own and reside in the home as a primary residence
- Have pre-retrofit evaluation completed on or after April 1, 2020, and no post-retrofit evaluation yet
- Ensure retrofits have not started before applying for the loan
- Have a positive credit history with no consumer proposals, debt programs, or bankruptcy proceedings
Also, you can’t use the loan for:
- Work already started or finished
- Retrofits not recommended in your pre-retrofit evaluation
- Adding retrofits not included in the approved application
A Special Note for Indigenous Applicants:
Indigenous applicants may have access to additional support or considerations. You can access dedicated support for your application by calling 1-866-292-9517.
How Does It Work?
The loan offers financial support ranging from $5,000 to $40,000, repayable over ten years without interest! Up to 15% can be advanced upfront for necessary contractor deposits on eligible projects. Applicants can request this in advance by providing contractor quotes during the application process. This makes it easier for homeowners to undertake significant upgrades that can improve their home’s energy efficiency, lower utility bills, and enhance overall comfort.
Getting Started: Your Path to a Greener Home
Considering making your home more energy-efficient but unsure where to start? The first step is to check out the detailed eligibility criteria and application process outlined on the Natural Resources Canada website. From there, you can start planning your eco-friendly home improvements with the confidence that financial support is available.
As always, our team can guide you through the options and help you navigate the Greener Homes Loan application process. Together, we can make your green home dreams a reality. Contact Air Treatment ClimateCare to get started today!
