When I wrote the blog on Toronto city’s offering of interest-free loans, I received several messages inquiring if similar loans are available in other cities.
Today I am glad to bring you the good news you were waiting for, the Federal government is offering up to $40K in interest-free loans payable in 10 years through the program called Canada Greener Homes Loan.
More good news, in addition to interest-free loans, the government is also offering Grants (not to be paid back) of up to $5K for eligible retrofits. For example, these qualified retrofits include attic insulation, walls, exposed floors, basement, windows and doors, thermostats, water heating, solar panels, etc.
To be eligible for the interest-free loan, there are certain requirements, including, as described by the Government of Canada :
You must apply and be eligible for the Canada Greener Homes Grant or provincial program for Nova Scotia and Quebec
- You must be a Canadian homeowner and your home must be your primary residence
- You have completed pre-retrofit evaluation of your home dated April 01, 2020 or later
- You have a good credit history and aren’t under:
- a consumer proposal
- an orderly payment of debt program
- a bankruptcy or equivalent insolvency proceeding
- You will be asked to share financial information to demonstrate that you have the financial capacity to repay the loan.
You can find more details here: https://www.nrcan.gc.ca/energy-efficiency/homes/canada-greener-homes-grant/canada-greener-homes-loan/24286
For details of Eligible retrofits and grant amounts, please check here: https://www.nrcan.gc.ca/energy-efficiency/homes/canada-greener-homes-grant/start-your-energy-efficient-retrofits/plan-document-and-complete-your-home-retrofits/eligible-grants-for-my-home-retrofit/23504
There is always a better solution a professional can provide, sometimes beyond one’s thoughts.
If you have any questions or would like to discuss your unique needs and goals, please don’t hesitate to contact me at 416-908-5600. I’m here to help you find the perfect, tailor-made solution.
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A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
