On July 7, 2022 the City of Toronto announced a new Home Energy Loan Program (or HELP) aimed to encourage more property owners to invest in environmentally friendly home energy improvements.
What Is HELP?
Toronto’s Home Energy Loan Program allows homeowners to apply for a 0% loan of up to $125,000 to cover the cost of energy-efficient upgrades such as rooftop solar panels, solar-powered water heaters, EV charging stations and home battery storage.
HELP puts the cost of energy-efficient home amenities within reach for more people by giving them up to 20 years to repay the loan. These terms are obviously highly favorable compared to most conventional loans.
How Does HELP Work?
Toronto homeowners may qualify for a zero-percent loan through this program if all the property owners on the title agree to participate and you have not made any late utility or property tax payments within the past three years. If you have a mortgage, you must also obtain written consent from your lender.
To apply for the loan, email your completed application to homeenergyloan@toronto.ca. Once the city receives and approves your application, officials will send you a funding offer that states the maximum amount your property is eligible to receive.
Next, schedule an EnerGuide home energy inspection to learn what areas of your property could benefit most from investing in energy-efficient upgrades. A certified professional will conduct a thorough examination of your house and provide you with a detailed report that lists opportunities for improvement. After you receive this information, request quotes from your chosen contractor and submit a funding request form describing the updates you intend to make, including their cost.
If the City of Toronto approves your request, they will send you a property owner agreement to sign and approve. At this point, you can expect to receive up to 30% of the funding you need to get your project started.
Then, hire the contractor of your choice to install your solar panels project in Toronto (as an example). When your contractor finishes the work, schedule another inspection with your registered energy advisor, who will verify the improvements and sign off on a project completion report that you can return to the City of Toronto to receive the rest of your loan. Finally, you will start reaping the rewards of having a more eco-friendly home.
Advantages of HELP
For even more cost savings, you can combine HELP with various local, provincial and federal loans and rebates. These incentives allow you to get money back when you make a qualified purchase such as a high-efficiency appliance like an air conditioner or water heater.
You can pay off your HELP loan anytime with no penalties. And, if you sell the property before you repay the loan, the new owner will assume the balance and continue to repay it through their property tax bill.
There’s Never Been a Better Time to Shrink Your Carbon Footprint
For Canada to reach the national goal of net-zero carbon emissions by 2050, individual property owners must start doing their part to reduce greenhouse gas emissions. While the country has made some strides in embracing renewable energy, the current growth rate is not enough to keep pace. It’s crucial for Canada and other nations around the world to continue embracing progress by ending our reliance on fossil fuels.
Make an Investment That Pays for Itself
If you are ready to join the worldwide effort to reverse the devastating effects of climate change, you can use your HELP loan to install solar panels at your Toronto property. Learn more about how you can achieve more energy independence, save money on your energy bills and qualify to receive various government incentives by requesting a quote today.
