Canada Greener Homes Loan – Canadians can now borrow up to $40,000 interest-free from the Fed
Canadians who want to make their homes more energy efficient and green can now get up to $40,000 in interest-free loans from the federal government.
On Friday, June 17, applications for the Canada Greener Homes Loan were opened to eligible individuals planning qualifying green upgrades for their property.
The loan is offered in conjunction with the Canada Greener Homes Grant to help Canadian homeowners reduce their property’s environmental footprint.
First, it is open to eligible homeowners who are applying or already have an open application for the Canada Greener Homes Grant.
In September, the eligibility for funding will be extended to include those who have already been funded.
The initiative will provide $4.4 billion in interest-free loans to up to 175,000 homeowners across the country.
While each household can get up to $40,000, smaller loans of $5,000 and up are also available.
It is an unsecured personal loan on approved credit with an interest-free repayment period of 10 years.
However, it will only be available to those looking to undertake eligible projects, which may include upgrades such as attic/ceiling insulation, exposed floor insulation, airtight sealing, new windows and doors, space and water heating and more.
Other sections of the eligibility criteria state that applicants must be a Canadian homeowner, the property must be your primary residence, and a completed appraisal must already be completed prior to retrofitting.
More eligibility details are available online.
If you’ve already started or finished work on your home to make it more environmentally friendly, you probably won’t be eligible for the loan. The same applies if you had a retrofit that was not recommended by an energy consultant.
First, verify your eligibility for the loan and first submit an application through the Canada Greener Homes Grant.
Good luck, homeowners!
The cover image of this article was used for illustration purposes only.