The Canada Greener Homes Loan Program
The Federal government, through Canada Mortgage and Housing Corp. (CMHC), is offering 10-year interest-free loans from $5,000 – $40,000 to homeowners to pay for energy retrofits. You apply online, then book Airtight Energy Advisors to do an energy evaluation of your home and make recommendations like a Heat Pump, better windows, added insulation to your attic, walls, or foundation, or solar as examples.
Step 1: Book an Energy Advisor
Start by scheduling a pre-renovation energy evaluation. You will need the EnerGuide Report number and the recommendations as prerequisites for the Greener Homes Loan online application.
How Much Can I Save?
The zero-interest loan should save double what the $5000 Greener Homes Grant did – before it ended in February 2024. Here are a couple examples:
- A $15,000 loan to install a 5 KW Solar array would have 120 monthly payments of $125, and $62.50 of BC Hydro credits from solar for a net expenditure of $62,50 month or $750 year. You get a $5,000 rebate from BC Hydro for a 5 KW installed solar system after the first month. At year 10 the loan is paid, you have about $15,000 of renewable energy improvement to the home, and an annual production income of $750.
- A $20,000 loan to install a 24,000 BTU Heat Pump would have 120 monthly payments of $167, which would be offset by $250 annualized to Hydro for baseboard heating. The $83 month gain would increase to $250 after the 10 year Greener Homes Loan is paid off. The deal can be sweetened by Municipal top-ups in the $350 to $1000 range, plus $1,000-2,000 heat pump rebate from BC Hydro. The total combined benefit could be near $10,000 – or twice the $5,000 Grant.
Step 2 – Get Quotes from Contractors
Shop for each energy retrofit you have chosen to get written quotes for the equipment and installation along with the terms of service. Do they require a deposit? Is their company on the approved installer list? Check the qualified BC Contractor list.
Step 3 – Apply for the Canada Greener Homes Loan
After you have the Energy Advisor reports, and the Contractor’s Quotes, you are ready to register for the
Step 4 – Complete the Energy Retrofits
After the Loan notifies you that it is approved, then engage the Contractors to complete their install of your qualified energy conserving upgrades. You could line up the job, but do not give the go ahead order until you have the loan confirmed. The work cannot be started before the approval.
Step 5 – Book the Post Energy Evaluation
After the installs are completed, email Airtight Energy to schedule the final home inspection of the qualified renovation. The Energy Advisor will conduct the Post Evaluation, then complete your Post reports that are emailed about 1-2 weeks later.
Step 6 – Request Canada Greener Homes Loan Funding
Log in to your Canada Greener Home Loan online Portal account and select the Request Funding option. You will upload all the final reports and invoice copies to support the completion. The Loan people will notify you by email of the approved loan amount and 10-day time frame for deposit to your bank.