As outlined by the 2030 emissions reduction plan, Canada aims to reach 40% below 2005’s emission levels by 2030. In order to meet these critical goals for the well-being of our planet, the government is shifting into high gear with funding and new additions to green initiatives such as the Greener Homes Loan.
With Canada moving toward renewable energy and other green solutions to get ahead of the looming effects of climate change, the federal government is now offering a 10-year 0% loan of up to $40,000 for energy-efficient upgrades such as solar. This loan is an extension of their existing greener homes initiative program, which also includes the greener homes grant that offers Canadians up to $5000 for eligible home upgrades.
The loan is projected to help up to 175,000 Canadian homeowners with funding of $4.4 billion to support a variety of eligible environmentally friendly retrofits. This loan is particularly useful for those looking into more expensive upgrades such as solar system installations. Applicants can receive up to 15% of the loan upfront to provide contractors with a down payment on their project.
Canada Greener Homes Loan Eligibility
Currently, there are two phases set up for the loan. The first phase includes those who have an open application with the Canada Greener Homes Grant in the pre-retrofit stage. Each household can only have one loan, and applicants must complete a pre-retrofit EnerGuide assessment that will let homeowners know what upgrades are being suggested for their homes and what they can use the loan and grant on.
The second phase will start in September and will include anyone who has already received the grant or is in the process of getting their post-retrofit evaluation done and have other qualifying upgrades they still wish to complete in the future.
If you’re curious about your eligibility, please take this quick survey to find out if you qualify for the new loan. Some key criteria are that the home would need to be your primary residence and cannot be a new build (less than six months old).
Polaron’s 0% Financing Program
The Canada Greener Homes Loan is a wonderful addition to the greener homes initiative, giving many homeowners a comfortable solution to otherwise expensive home upgrades while promoting clean energy solutions. We believe the loan will help many Canadian homeowners make productive, environmentally conscious upgrades to their homes and will open the door for many to consider solar as a viable option.
At Polaron, we’ve always believed in creating affordable solutions that reduce the financial stress of going solar. This is why we came up with our own award-winning 0% financing program to ensure that any homeowner can have the opportunity to go solar without breaking the bank. We’ve helped over 5000 Canadian homes install solar systems through our innovative programs by removing the technical and economic obstacles of going solar.
We want all our customers to have as many options as possible. Our financing program ranges between 12-16 year terms depending on the province, allowing for better cash flow and lower monthly payments.
Of course, it’s always amazing to see the advancements in the industry, especially now with better support and incentives from the government to fuel the growth of solar in Canada. No matter what program you choose, our solar specialists will work with you to figure out what’s best for your home and budget.
Qualify with us today for a free quote and speak with one of our solar specialists about your options.