Solid aid for Canadians to modernize their homes
Canadians who want to make their homes greener can get an interest-free loan of up to $40,000 CAD from the federal government.
As one of the most developed countries in the world, Canada does not forget to take care of the environment, regularly offering new solutions to reduce harmful emissions.
Canadian environmentalists are extremely concerned that buildings as a whole account for 18% of greenhouse gas emissions, so experts are working tirelessly on projects designed to reduce this figure.
The purpose of an earlier Canadian government grant Canada Greener Homes was to help homeowners retrofit their homes to reduce their energy use as much as possible. Participants in the program received up to $5,000 CAD for installing solar panels, replacing windows and doors, upgrading floor insulation, etc.
To qualify for a grant, you must start with an EnerGuide home assessment, which is completed by a registered energy consultant and recommendations. Next, at least one retrofit is required, and only then is the participant eligible to sign up for a grant.
The government has been sensitive to the fact that not every family can find the funds before getting reimbursed, so on June 17, 2022, it introduced a new program Greener Homes Loan, an interest-free loan that will help meet some of the biggest upgrades recommended in the evaluation process.
The basic details and requirements of the program:
- The minimum loan amount is $5,000 CAD, the maximum is $40,000 CAD;
- maturity — 10 years, no interest;
- The loan is a one-time loan, for one owner and the dwelling;
- The participant must reside permanently in the dwelling that he intends to upgrade;
- Canada Greener Homes Grant application must be completed before applying for a loan;
- The applicant must have a good credit history and, upon request, confirm their financial ability to repay the debt;
- Credit is only given for work that has been recommended by an EnerGuide registered counselor.
For residents of Quebec and Nova Scotia, registration in the provincial program is additionally required.
The Canadian government, together with many other countries, such as Japan, South Korea, New Zealand, France, Denmark, etc., have set ambitious goals to achieve zero greenhouse gas emissions by 2050. Complete absence of emissions is still unrealistic, but they are trying to reduce them as much as possible in order to be able to remove them from the atmosphere and thus achieve a zero level.
