How to apply for the Canadian Greener Homes Loan


If you’re a homeowner looking to make eco-friendly upgrades to your home, applying for the Greener Homes loan is a great option to consider. The loan, which is supported by the Government of Canada, offers up to $40,000 in interest-free financing to make energy-efficient home improvements.

To apply for the Greener Homes loan, you’ll first need to determine if you meet the eligibility requirements. These requirements include being a homeowner or legal landlord, having a home that is located in Canada and is used as your primary residence, and not being currently in bankruptcy.

Once you’ve confirmed your eligibility, the next step is to book an energy assessment with a licensed service organization. The assessment will help identify which upgrades are the most cost-effective and will provide the most energy savings for your home. The cost of the energy assessment can be included in the Greener Homes loan, up to a maximum of $600.

After your energy assessment is complete, you can start planning your upgrades. The loan can be used for a variety of improvements, including the installation of Solar Panels, insulation, air sealing, windows and doors, ventilation systems, and heating and cooling systems. It can also be used to install geothermal heat pumps.

Applying for the Loan

To apply for the loan, you’ll need to fill out an application form and provide copies of your energy assessment report and proof of ownership or legal tenancy. Once your application is submitted, it typically takes around days for processing and approval.

It’s important to note that the Greener Homes loan is interest-free, but it does need to be repaid within a certain timeframe. The loan must be repaid over a 10-year period, however, if you choose to repay it earlier, there are no penalties.

Upfront costs

You can access a portion* of your loan funds in advance to pay for upfront costs, such as paying a deposit to your contractor. You can request the advance on your loan during your application by demonstrating that an upfront payment is required. You can do that by uploading the quotes you received from contractors and by entering the deposit amounts required to do the retrofit.

Summary

applying for the Greener Homes loan is a great option to consider if you’re looking to make eco-friendly upgrades to your home that save you money. Make sure to confirm that you meet the eligibility requirements, book an energy assessment, plan your upgrades, and fill out the application form to get started. With up to $40,000 in interest-free financing available, it’s an excellent opportunity to invest in a more energy-efficient future for your home.



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