On July 7, the City of Toronto announced a limited-time enhancement to their Home Energy Loan Program (HELP), which has been providing homeowners with low-interest loans for home energy improvements since 2014.
The enhanced program offers zero-percent interest loans of up to $125, 000 for up to a 15-year term. Loans can be used for a range of energy-efficiency measures, from insulation and air-sealing to toilet replacement to windows to tankless water heaters.
20-year terms are available for bigger-budget upgrades such as rooftop solar PV and geothermal systems.
In addition, the program offers incentives for rooftop solar PV systems, electric heat pumps and deep retrofits. Homeowners who apply to the loan program can also apply to receive incentives of $1000 for rooftop solar, up to $2500 for an air source heat pump and up to $10,000 for a retrofit that reduces a home’s EnerGuide rating by at least 80 percent.
The incentives will be available until funds in the program run out.
The enhancements to the HELP program come courtesy of a $14.5 million investment by the Government of Canada and the Federation of Canadian Municipalities (FCM), through the Green Municipal Fund.
Funding will also go towards education and training in net zero building for homeowners and contractors.
Councillor Jennifer McKelvie explains the importance of the initiative for Toronto’s climate action efforts:
“Improving energy efficiency and decarbonizing our homes is one of the biggest things that homeowners can do to help address the climate emergency. It will also create a better, more resilient future for our city. I encourage all homeowners to make a plan to improve their homes and explore the loans and incentives available through City’s HELP program and other sources.”
Get the Green Building Project Checklist
Use this handy checklist on your next project to keep track of all the ways you can make your home more energy-efficient and sustainable.
New Federal Loan Program Offers Additional Options
The news comes on the heels of the Government of Canada’s launch of the Canada Greener Homes Loan program, which also offers zero-interest loans for major home energy improvements.
Through the Greener Homes Loan program, homeowners can access from $5000 to $40,000, with a 10-year repayment term. For now, loans are limited to those who are applying for the Canada Greener Homes Grant or who have applied and are in the pre-retrofit evaluation phase of the process.
On August 31, eligibility will expand to include those who have already received grants or are at the post-retrofit evaluation phase.
Image credit: Victoria Heath
