Need to get a loan for solar panel system ? The Canada Greener Homes Loan is now available making solar even more affordable in Alberta! Albertans in Calgary, Edmonton, and its surrounding areas can take advantage of the Canada Greener Homes Loan in addition to the Canada Greener Homes Grant where Canadians can enjoy up to $5,000 off their solar panel system.
What is the Canada Greener Homes Loan?
The Canada Greener Homes Loan is a 10-year interest-free financing loan option available to all Canadians who want to make their homes more energy efficient and take out a loan for their solar panel system. This is a new initiative to supplement the Canada Greener Homes Grant where Canadian homeowners can get up to $5,000 off energy efficient retrofits to their homes. For more information on the Canada Greener Homes Grant, check out our article here.
With the Canada Greener Homes Loan, Albertans can get a 0% interest free loan on approved energy efficient retrofit costs for a minimum of $5,000 and up to a maximum of $40,000 over a period of 10 years. The loan is an unsecured personal loan on approved credit on projects deemed eligible by the Government of Canada The Canada Greener Homes Loan is a great loan option for getting your solar panel system installed. For a complete list energy efficient retrofit projects that are eligible, click here.
Here’s the summary:
Maximum loan amount: $40k
Minimum loan amount: $5k
Repayment term: 0% Interest for 10 years
Loan type: Unsecured personal loan on approved credit
Canada Greener Homes Loan: Important dates
June 17, 2022 – The Canada Greener Homes Loan is now open to:
- Eligible applicants who are applying to Canada Greener Homes Grant
- Active applicants at the pre-retrofit EnerGuide evaluation stage with the Canada Greener Homes Grant
By August 31, 2022, The Canada Greener Homes Loan will open to:
- Homeowners who have already received a grant or requested a post-retrofit EnerGuide evaluation and
- Homeowners who want to apply for any remaining eligible retrofits they are interested in pursuing
Canada Greener Homes Loan for residential homeowners: Who is eligible?
Make sure you qualify for the Canada Greener Homes Loan! Here are a list of requirements you must meet before you apply:
- You must apply and be eligible for the Canada Greener Homes Grant
- You must be a Canadian homeowner
- Your home must be your primary residence
- You have completed pre-retrofit evaluation of your home dated April 01, 2020 or later
- You have a good credit history and aren’t under:
- a consumer proposal
- an orderly payment of debt program
- a bankruptcy or equivalent insolvency proceeding
IMPORTANT: To qualify for the Canada Greener Home Loan, the Government of Canada will require you to share financial information to demonstrate that you have good credit rating and have the financial capacity to repay the loan.
What doesn’t qualify for the Canada Greener Homes Loan?
- residential home projects that you’ve already started or completed
- retrofits that haven’t been recommended by an energy advisor
- retrofits that are not eligible for a Canada Greener Homes Grant
- retrofits that aren’t included in your application
How to apply for the Canada Greener Homes Loan
1. Apply to the Canada Greener Homes Grant
In order to qualify for the Canada Greener Homes Loan, you need to be approved for the Canada Greener Homes Grant. Apply for the Canada Greener Homes Grant today to secure your grant and loan.
2. Get a pre-retrofit EnerGuide evaluation
Reach out to an energy assessment service organization to schedule a pre-retrofit EnerGuide evaluation of your home. You will then get set up with an energy advisor who will evaluate your home and make recommendations on how to make it more energy efficient. Looking to get solar for your home? When you contact Zeno for a solar quote, we will recommend qualified energy advisors whom you can contact.
3. Plan your retrofits and get quotes from contractors
Review the energy advisor’s recommendations and decide which energy efficient home retrofits work best for you. Be sure to get a couple of quotes from different qualified contractors in your local area. At Zeno, we are the best and highest rated solar company in Alberta. Reach out to us for a solar quote today and find out how much solar can save you money!
4. Submit an application to the loan
Log in to your Canada Greener Homes Grant account and submit the required documents in your portal.
5. Complete your retrofits and keep receipts and invoices
Submit your work and keep copies of all your receipts.
6. Get a post-retrofit EnerGuide evaluation
Once your energy efficient home retrofits are complete, get a Post-Retrofit EnerGuide evaluation. An energy advisor will evaluate the impact of your improvements. Your energy advisor will also provide you with an updated EnerGuide label.
7. Receive your loan amount
As long as the information submitted remains the same, the final approved loan amount will be deposited into your bank account within 10 days. If the actual costs are lower than what was estimated, the loan amount will be adjusted downwards. If the actual cost estimates are higher, then the loan amount will remain the same.
8. Repay your loan over time
Once everything is submitted and approved, you will receive instructions on how to pay your 10 year interest free loan.