Toronto Homeowners Can Borrow Up To $125K Interest-Free & Make Houses More Energy-Efficient
The money can be used towards rooftop solar panels, new windows, and more.
If you're currently retrofitting your home to be more energy-efficient, you can get over $100,000 from the City of Toronto to help you do that.
On Thursday, July 7, the City announced that it will be officially launching its Home Energy Loan Program (HELP) which can give homeowners zero-interest loans and other incentives to turn their houses into something more energy-efficient so that they're better for the environment.
While the HELP program has been around since 2014, Toronto is now offering these interest-free zero loans over low-interest ones in an effort to encourage more people to opt-in to the program, and help reduce how much hot water and natural gas the community is using.
"Currently, homes and buildings are the largest sources of emissions in Toronto, generating approximately 57 per cent of total community-wide emissions," the news release reads.
So, for a short time, homeowners in the 6ix can get up to $125,000 for up to 15 years. But, 20 year terms are also available if residents are using the money to retrofit their house with new windows, electric heat pumps, geothermal, and a rooftop solar PV.
Other home improvements that the money can be used towards include insulation, tankless water heaters, solar hot water systems, EV charging stations, and more.
There are also some incentives that are going to be offered by the City during this time. Anyone who replaces their home's natural gas furnace and A/C unit for electric heat pumps or puts up solar panels on their roof and deep retrofits to cut down their emissions will be able to access them.
More homeowners will be eligible for the HELP program, as the City expanded the list of eligibility to also include tax-exempt properties like supportive housing and non-profit homes. Anyone who owns a detached, semi-detached, townhouse, duplex or triplex apartment building can still apply for the loans.
On top of this, Toronto homeowners might also be eligible for the Canada Greener Homes Grant, which can give them up $5,000 to make their house more environmentally friendly.
But, these zero-interest loans and incentives won't be around forever. The City said that it will only be available "until the funding allocated for each is fully subscribed, after which homeowners can continue to access low-interest loans."