This past week the Canadian Government launched a new incentive program to help home owners finance projects that will make their homes more energy efficient. This is an interest-free loan and, with anything "free", there are some little hoops to jump through first.
Please read through and
follow the steps
in order to ensure your home and your upgrades qualify . It is likely easier than it is presented as on the website and once you get started it'll all fall into place!
Items that qualify to be covered by this program are: insulation, air-sealing, windows and doors, thermostats, space and water heating...more.
So if you are considering doing some work on your primary residence, or you are considering buying my gorgeous listing at
828 Ave D North
this program might work for you.Loan are available in the amounts of minimum of $5000 to a maximum of $40,000.
This interest-free loan is repayable over a 10 year period.
Couple things to note:
- You must be approved by theGreener Homes Grantfirst.
- You must have a pre-retrofit evaluation done
- You must have received quotes from contractors for the work you would like to have done.
Who is not eligible:
- Landlords
- Renters
- Home owners that have already started retro fit projects without receiving the EnerGuide home evaluation
- Homes that were built less than 6 months ago (but posts 6 months are eligible)
- Home owners who are renovating but not living in their homes yet
This program may be a good alternative to getting a mortgage with improvements options if you have reached your maximum budget with your home purchase and don't have the room to add items into your mortgage.
Couple other bonuses to using this program versus adding the work to your mortgage:
- interest-free whereas your mortgage plus improvements will be subject to the interest rate you are paying on your house.
- the timeline to complete projects is longer and with the way trades and manufacturing is these days it may allow for longer to get the work done. If you add projects to your mortgage you have to complete them within 120 days of possession.
One thing to note is that a mortgage plus improvements allows you to pay for more types of projects whereas this program is only for certain items.
This program could be used in conjunction with a mortgage+ in order to do all the things that you may want to do while maximizing your dollar!