The Greener Homes Grant is simply the best solar rebate program ever for Edmonton homeowners.
If you’re a homeowner who has always been dreaming about adding solar to your home, but the cost of installing solar panels has stopped you, we have some good news. The federal government has launched an incredible offer to help you get into solar power through its Greener Homes Grant program. The grant, valued at a maximum value of $5,000, helps homeowners make their homes more sustainable and energy-efficient by providing financial assistance for renovations that reduce greenhouse gas emissions.
Now 5k is great, but the average price tag on a home solar project ranges between 12k - 25k. More ambitious projects can go well over 30k. For many, the grant isn’t enough of an incentive. This is where the Greener Homes Grant program gets better. The program also gives homeowners the ability to get an interest-free loan for up to 40k. Do we have your attention now? Thought so. Here’s a detailed review of how to get the most out of the Canada Greener Home Grant.
Solar Rebate Eligibility Requirements
How Does the Rebate Work?
In principle, the Canada Greener Homes Grant is a strong incentive for homeowners to improve their home’s energy efficiency and reduce their carbon footprint. Applicants must have a valid Social Insurance Number (SIN) or Business Number (BN) to qualify. To apply for the grant, applicants must submit proof of ownership (i.e. mortgage agreement), proof of income and employment.
Getting receiving the rebate is fast too. Once your application has been reviewed and approved by Natural Resources Canada (NRCan), you will receive confirmation via email. Your funds will be deposited into your bank account within 10 business days of approval.
The extra bonus is that the grant extends beyond solar. It can be used for renovations such as replacing windows and doors, installing insulation or air sealing, or purchasing an Energy Star-certified appliance.
How Much Can You Get?
The amount of funding available through the Canada Greener Homes Grant depends on the type of renovation being undertaken, so the final grant dollar amount will vary per application. However, some projects may qualify for additional funding depending on the scope of work involved.
Retrofit Interest-Free Loan Eligibility Requirements
Let’s get to the best part first. The Retrofit Loan is interest-free and allows you to access a minimum of 5k, to a maximum of 40k of interest-free money. Moreover, homeowners have an incredible 10-year timeline to repay the loan.
The retrofit loan is specifically designed to help homeowners finance property improvements and upgrades that will improve energy efficiency within the home. This initiative is part of Canada’s long-term strategy to reduce its carbon emissions. Here’s what’s included:
- Solar modules
- HVAC systems
In order to qualify for a retrofit loan in Canada, homeowners must meet the following criteria:
- A minimum credit score of 600
- Owning the home outright without any other mortgages attached
- Being current on all payments due on the property’s mortgage balance
- Having proof of income from either a full-time job or self-employment.
Homeowners also need to disclose information about any other debts they may have, such as student loans or credit cards. In addition, homeowners must provide proof that they are using the money for eligible renovations such as those listed above. When adding solar panels (or other energy-efficient products) to their home, homeowners must provide proof of purchase.
The Canadian government offers retrofit loans through various financial institutions throughout the country. As stated previously, these loans allow homeowners to borrow up to a maximum of $40K for renovations and improvements. Repayment terms may vary depending on your credit score and income level, which will determine how much you can borrow as well as your interest rate after the initial 10-year interest-free term has expired.
Learn more about the Greener Homes Loan here.
Ready for an energy-saving future? Installing solar panels in Edmonton and the rest of sunny Alberta has never been more attractive and attainable, and BLDG Electric can give you a quote so you can get the whole process started! Did you know that you may be able to completely eliminate your energy bill and simply use those savings towards repaying the loan? Request a free solar estimate now, and we will show you how.