The Canada Greener Homes Loan is a game-changer for Canadian homeowners looking to improve their homes’ energy efficiency. Here’s everything you need to know about this initiative, designed to make your home more comfortable while reducing energy costs and environmental impact.
In British Columbia, BC Hydro recently announced rebates for homeowners who install solar panels and/or battery backup systems. BC Hydro rebates can be used in conjunction with the Federal Greener Homes Grant.
We have some customers who previously applied for the Greener Homes Grant, qualifying them for a $5,000 grant from the Federal Government. This grant can also be used in conjunction with the Greener Homes Loan and the BC Hydro Rebates. Some limitations may apply.
The Canada Greener Homes Loan offers interest-free financing with the following specifics:
Maximum Loan Amount: $40,000
Minimum Loan Amount: $5,000
Repayment Term: 10 years
Interest Rate: 0%
Loan Type: Unsecured personal loan (subject to credit approval)
Eligibility Requirements:
You must be a Canadian citizen, permanent resident, or non-permanent resident legally authorized to work in Canada.
You must own the home and it must be your primary residence.
You must have completed a pre-retrofit evaluation on or after April 1, 2020, and have not yet started the retrofit work.
Good credit history.
Follow these steps to apply for the Canada Greener Homes Loan:
- Contact an energy advisor to evaluate your home and recommend eligible retrofits. Many Penfolds Roofing & Solar customers use Amerispec.
- Decide on retrofits based on the advisor’s recommendations. Ensure solar panels are included within their recommended retrofits. Then obtain a free quote from us if you want to install solar panels, or solar panels and batteries: https://www.penfoldsroofing.com/request-a-free-quote
- Gather and submit necessary documents including pre-retrofit evaluation details, government ID, property tax bill, detailed Penfolds quote, and proof of income. The government does their best to process applications as promptly as possible.
- Start your retrofits after your loan application is approved.
- Once retrofits are complete, arrange for a post-retrofit evaluation from Amerispec.
- Request funding for the final loan amount based on completed retrofits.
Additional Considerations:
Indigenous Applicants: Specific eligibility criteria apply; dedicated support is available for Indigenous homeowners and organizations.
For more detailed information and to start your application, visit:
