Canada Greener Homes Loan: A Smart Way to Make Your Home Energy Efficient

What is the Canada Greener Homes Loan?

The Canada Greener Homes Loan is an interest-free financing option designed to help homeowners invest in energy-efficient retrofits. This initiative supports sustainable home improvements that reduce energy consumption and enhance comfort.

Key Loan Details:

• Loan Amount: $5,000 to $40,000.
• Repayment Term: 10 years, interest-free.
• Loan Type: Unsecured personal loan based on approved credit
• One loan per eligible property and homeowner

This program ensures that homeowners have access to financial support for making eco-friendly home upgrades. However, it’s crucial to plan and follow the application process carefully to qualify.

Eligibility Criteria

Before applying, ensure you meet these key 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.
• Your pre-retrofit energy evaluation must have been completed on or after April 1, 2020.
• No retrofit work should start before submitting the loan application.
• You must have a good credit history and not be in bankruptcy or debt programs.

Special Considerations:

• Multi-unit residential buildings (MURBs): Additional eligibility requirements apply.
• Indigenous applicants: Can register multiple homes.
• Northern and off-grid communities: Eligible for additional funding (30% more) to account for higher equipment and labor costs.

How to Apply for the Loan

1. Schedule a Pre-Retrofit Energy Evaluation: The first step to securing the Canada Greener Homes Loan is to schedule a pre-retrofit energy evaluation with a certified energy advisor. This assessment helps determine your home’s current energy efficiency and identifies upgrades that will make your home more energy-efficient and comfortable.

   At RB Impact HVAC, we are a certified dealer for the Canada Greener Homes Loan. Our team will help guide you through the process, recommend energy-efficient retrofit options, and ensure that your upgrades align with the program’s requirements—making your home more comfortable and energy efficient. With our guidance, you’ll have a clear roadmap for improving energy efficiency while maximizing your loan benefits.

2. Plan Your Retrofits & Obtain Quotes: Decide which retrofits to undertake based on the evaluation.
3. Submit Your Loan Application: Submit your loan application before starting any work.
4. Begin Your Retrofits: Start only after submitting your loan application. Keep copies of all invoices and receipts for verification.
5. Schedule a Post-Retrofit Evaluation:  Once all work is complete, book a post-retrofit energy evaluation. The advisor will assess your home and update your energy efficiency report.
6. Request Final Loan Disbursement: Upload all final invoices and documentation through the loan portal. The final loan amount will be adjusted based on completed work.
   7. Receive Your Loan Funds: The remaining loan balance will be deposited into your bank account within 10 days of approval.
   8. Repay the Loan Over 10 Years: A repayment plan will be provided once funds are disbursed.