Canada Greener Homes Loan
Nov 22, 2024
To all Canadian Home Owners,
In the recent economic climate there have been increases in home prices, groceries, and household bills, such as gas and hydro. Ever wish you could pay one less bill? That’s where the Canada Greener Homes Loan comes in, giving you an interest-free way to save money on your hydro bills and allowing you the independence to generate your own power.
What’s the Canada Greener Homes Loan?
The Canadian federal government offers a 0% interest loan to help Canadians invest in energy-saving home upgrades. The Canada Greener Homes Loan, launched in June 2022, is designed for Canadians looking to make their homes more energy efficient with upgrades like insulation, windows, and solar panels.
To qualify, you need a home inspection and evaluation by a registered auditor. The audit evaluates how energy efficient your home is and offers you a roadmap to upgrade your home and reduce your energy costs. The audit can also help you qualify for other programs which offer grants, such as the Enbridge Home Efficiency Rebates.
When is Solar Power a Perfect Fit
There are a few eco-upgrades options, some of which may be a higher priority for your family or your home. If your electrical usage is high, solar is one of the best ways to reduce your hydro bill. This includes homes that have a heat pump, an EV, a pool, electric heating, or that spend more than $100/month on their hydro bills. Here’s how it works: once you install a solar system, it starts generating power to be used directly in your home, so you draw less energy from the grid. Any excess energy your solar array produces is sent back into the grid to help power your neighborhood's homes, and the grid gives you monetary credits on your hydro bill for doing so. The monetary credits track evenly with what it would cost for you to consume the amount of electricity generated. That means if hydro rates increase at any given point in time, so too does the value of your future generation credits.
With the Canada Greener Homes Loan, you can install a solar system without worrying about hefty interest fees or having the capital up front for the home upgrade. It’s just a direct investment into your home’s value and your pocketbook. And here’s a bright note: with today’s tech, a typical solar energy system payback period is 8-12 years, often faster than the duration of the loan. If hydro rates increase sharply, your payback period for the solar is further reduced, because you're getting more value out of it!
Whether you invest in a solar system or not, you will spend that money regardless. In 10 years you will either have a solar system installed on your home, which reduces your hydro bills and increases your property value, or you will have contributed generously to your local hydro companies and continue to be at the mercy of future rate increases.
How to Get Started
Sign Up for a Free Quote: A Solar Advisor will walk you through the process and help assess your home’s eco-friendly potential. Click Here
Apply for the Greener Homes Loan: Your Energy Auditor will guide you through the application process.
Start Saving: With the right system, you’ll be looking at reduced bills and a lot more control over your energy.
The Future Looks Bright—and Solar Powered!
If you’ve been waiting for the perfect excuse to go solar, the Canada Greener Homes Loan is a great incentive. The federal government used to offer a grant for solar as well, but that program ended in February 2024, and it is uncertain how long the loan will be available for. So take advantage of this government program, reduce your future hydro bills, and help your household avoid hydro bills and become more environmentally friendly.
