Canada Greener Homes Loan

Interest-Free Financing to Make Your Home More Energy Efficient

Maximum: $40,000

Minimum: $5,000

Repayment term: 10 years, interest-free

Loan type: Unsecured personal loan on approved credit

The Canada Greener Homes Loan program is a part of the overall Canada Greener Homes initiative, which aims to help Canadian homeowners make energy-efficient upgrades to their homes. 

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This loan program provides financial assistance to homeowners who wish to undertake retrofits to improve their home’s energy efficiency and reduce their environmental impact. In this article, we will provide a comprehensive step-by-step guide on how to apply for the Canada Greener Homes Loan, highlighting the process, eligibility requirements, and the difference between grants and loans.

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How to Apply for the Greener Homes Loan

To apply for the Canada Greener Homes Loan, start by applying for the Canada Greener Homes Grant with Dr HVAC. This grant provides up to $5,600 to cover the cost of a pre-retrofit EnerGuide evaluation, which is a mandatory step in the loan application process. Dr HVAC can assist you in applying for the grant and guide you through the entire grant process.

After receiving the Canada Greener Homes Grant, schedule a pre-retrofit EnerGuide evaluation with an energy advisor. The energy advisor will assess your home’s current energy efficiency and recommend retrofit measures that can help you save energy and reduce greenhouse gas emissions.

Only retrofits that have been approved or recommended by your energy advisor and are listed on the grant’s eligible retrofits and installations (such as upgrading insulation, installing solar panels, or implementing resiliency measures) will be eligible for the loan.

With the energy advisor’s recommendations, work with Dr HVAC to plan the specific retrofits you wish to undertake. Dr HVAC will help you understand the costs, energy savings, and environmental benefits associated with each retrofit option.

Once you have a clear plan for your retrofits, you can apply for the Canada Greener Homes Loan. Submit your loan application, including the details of the retrofits you plan to undertake, to the financial institution that is offering the loan.

In order to apply for the Canada Greener Homes Loan, you must first be eligible and apply for the Canada Greener Homes Grant

To submit your application, you must provide the following:

  • Your property tax statement
  • Your driver’s license or other government-issued identification, along with a utility bill
  • A confirmation of income and employment
  • Your retrofit quote from Dr HVAC or other contractors

After receiving loan approval, proceed with completing the retrofits as planned. Ensure that the retrofits are carried out by qualified professionals such as Dr HVAC and adhere to the program’s guidelines.

Make sure you save copies of all your receipts, invoices, and other relevant documents.

Following the completion of the retrofits, schedule a post-retrofit EnerGuide evaluation with an energy advisor. This evaluation will assess the energy savings achieved and confirm that the retrofits meet the program’s requirements.

The energy advisor will provide you with a report that estimates the final loan amount.

Once the post-retrofit evaluation is complete and the retrofits are deemed eligible, you will receive the Canada Greener Homes Loan funds to cover the cost of the retrofits. The final approved loan amount will be reviewed based on the actual cost of the completed eligible retrofits.

Repayment of the loan will be done over a period of 10 years. Detailed information on the repayment of your loan agreement will be provided after you receive your funds. Once you make your final loan payment, you’re finished!

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Are You Eligible for the Greener Homes Loan?

To be eligible for the Canada Greener Homes Loan, you must meet certain criteria:

  • You must be eligible for and apply for the Canada Greener Homes Grant (or the equivalent provincial program)
  • You must be the owner of a Canadian residential property, and the home must be your primary residence
  • You must have completed a pre-retrofit evaluation of your home dated April 1, 2020 or later
  • You must have good credit history

Additional eligibility requirements may apply, so it is advisable to consult the official program guidelines or seek assistance from Dr HVAC to determine your eligibility.

Grant vs. Loan – What’s the Difference?

While the Canada Greener Homes Grant provides financial assistance for the pre-retrofit evaluation, the Canada Greener Homes Loan is the actual loan program that covers the costs of the retrofits themselves. The grant does not need to be repaid, whereas the interest-free loan must be repaid over 10 years.

While both the grant and the loan funds are available once the retrofit and post-retrofit evaluations are completed and the final invoices have been provided, the loan funds will only become available once your final loan amount has been assessed. The grant is available once Natural Resources Canada has completed the final assessment of the grant amount.

Dr HVAC is Here to Help You Secure Your Canada Greener Homes Loan

If you’re a Canadian homeowner looking to make energy-efficient upgrades to your home, take advantage of the Canada Greener Homes Loan program. Reach out to Dr HVAC to explore your eligibility, access the Canada Greener Homes Grant, and receive expert guidance throughout the retrofit process. Start your journey towards a more energy-efficient and sustainable home today.

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