Summer is home renovation season. Homeowners across Canada are spending their hard-earned money to make improvements to their homes and increase their overall value. Considering the state of the real estate market, it’s just not feasible to move. So, why not upgrade? In this blog we are going to talk about Greener Homes Loan.
Improving your home’s energy efficiency is always a good investment. There are a lot of ways homeowners can do this. From adding new insulation, purchasing energy-efficient appliances, furnaces and air conditioners, and installing efficient windows and doors.
The money question is always a huge consideration when planning a home improvement project. Sure, you want to make improvements to your home, but how are you going to pay for it? From savings, a home equity line of credit, refinancing?
There is now another option for homeowners to consider – the Canada Greener Homes Loan. Below we’ll explain what the loan is, how it works and answer common questions about this option to finance your next home project.
What Is The Canada Greener Homes Loan?
The Canada Greener Homes Loan program is designed to help Canadian homeowners make their dwellings more efficient. Through the program, you can get access to interest-free financing of up to $40,000. This will enable more Canadians to complete retrofit work to their homes and improve their overall efficiency.
How Does The Canada Greener Homes Loan Work?
The loan works similar to other loans you would take out to do work on your home. Here is a summary of the main information you need to know:
- The loan is intended for projects focused on retrofits and energy efficiency
- You can apply for one loan per property or homeowner
- The loan amount can range from $5,000 up to $40,000
- You have 10 years to repay.
- The loan is interest-free
- It is an unsecured loan on approved credit
What Typed of Projects Qualify?
Here are some of the types of projects that qualify as part of the loan program:
- Windows and doors replacement
- Home insulation
- Air sealing
- Thermostats
- Space and water heating
- Renewal energy projects
What Are The Eligibility Requirements For The Canada Greener Homes Loan?
There are a number of things you need to qualify for the loan program. They are as follows:
- You must be eligible for the Canada Greener Homes Grant
- Your primary residence must be in Canada
- You must have a good credit history
- You need to complete a pre-retrofit evaluation of your April 01, 2020, or later
You may be asked for additional requirements such as proof to pay back the loan and other information.
What Makes Me Ineligible To Apply For the Loan?
Not all homeowners will qualify for the loan program. Some certain situations and criteria can make you ineligible for the program. They include the following:
- You have already started your renovation project
- You are planning retrofits that are not approved or part of the program
- Your retrofits have not been approved by an energy advisor
- You have retrofits that were not part of your application
How Do I Apply For The Canada Greener Homes Loan?
Applying for this loan is an 8-step process. You will need to complete the following steps to qualify:
- Apply to the Canada Greener Homes Grant: You must be eligible for this grant in order to qualify for the loan.
- Get a pre-retrofit EnerGuide evaluation: They will evaluate your home and make recommendations for the retrofits that make the most sense for your home.
- Plan your retrofits and request project quotes from contractors: Get quotes from several contractors. Go over the recommendations. Choose the contractor with the best plan and budget for the work.
- Submit an application for the loan: Complete the loan application. You will need to provide confirmation of income, contractor quotes and other information. You can often get a portion of the loan costs upfront to cover materials and contractor down payments.
- Complete the retrofits: Start the project. Keep all receipts and invoices.
- Get a post-retrofit EnerGuide evaluation: An evaluator will review the work and estimate how much you’ll receive for the grant.
- Receive your loan amount: The loan amount is reviewed and you are issued your loan.
- Repay your loan over the 10 years: You will receive specific information on how and when to pay your loan.
Get A Free Estimate For Upgraded Windows
Call us at 1-888-837-6569 for a free in-home estimate on new windows and doors! Our window consultants will come to your home to assess your windows. We’ll recommend a repair or replacement based on your needs. Start by looking at our vinyl window collection. And, check out our summer special for even more savings!
Summer Savings Special
The summer of 2022 is filled with savings for EcoTech customers. This summer we have some great deals for homeowners. Currently, you have the option to get a FREE upgrade to triple pane windows OR we pay the tax, and you don’t pay until 2023.
Plus, we offer financing from as low as $20 per month. AND you will get up to 1,000 AIR MILES Reward Miles with a window purchase!
Read More About Energy Efficient Windows & Doors On Our Blog
How Energy Efficient Windows Keep the Heat Out During the Hot Summer Months
5 Things to Consider When Choosing to Repair or Replace Your Front Entrance Door?
What is the True Cost of Replacement Windows in 2022 with Inflation in Ontario Considered
5 Reasons Why Upgraded Windows & Doors are a Great Investment in 2022
