In 2019, Ottawa’s city council declared a climate emergency, allotting $250,000 to move the city closer to its renewable energy and greenhouse gas emissions goals. Ottawa’s plan for the next two decades calls for commercial buildings to be between 50 and 60% more energy-efficient, and for homes to be 70% more energy-efficient.
The Better Home Loans program, which launched earlier this year, is a move aimed to encourage Ottawa homeowners to make smart, environmentally friendly upgrades to their properties.
What Is the Better Home Loans Program?
Under this program, Ottawa homeowners can receive low-interest loans from the city to help pay for property retrofits such as installing solar panels, replacing windows and insulation or installing new Energy Star-certified appliances. This loan can be up to 10% of the home’s current value, and people who take advantage of it will have 20 years to repay it. Loans tie to the property, not the borrower, so if an owner sells their upgraded home, the new owners would pay the rest.
To help homeowners choose which improvements to make, the Better Home Loans program will feature an online tool listing eligible upgrades’ potential greenhouse gas reduction. It will also connect users with reputable contractors and list the details of various rebates and incentives.
City staff predict the new initiative will help finance 600 home energy retrofits valued at $20,000 each over the next three years. The city has contracted with environmental nonprofit EnviroCentre to offer free energy retrofit plans to qualified homeowners. The planner can help people decide what money-saving updates to prioritize and navigate the process of requesting quotes.
How to Apply for the Better Home Loans Program
If you own a home in Ottawa and would like to obtain a loan via this program, here’s what to expect.
- Step 1: Complete and turn in the application forms. The city will approve the application if it meets all the requirements.
- Step 2: Get an EnerGuide energy audit to identify what upgrades to prioritize, then select a contractor to complete the work. The city of Ottawa will provide 30% of funds upfront to cover deposits.
- Step 3: Upon project completion, you will get a follow-up EnerGuide audit. Then, the city will issue the remainder of the loan, and you can pay your contractor.
- Step 4: You’ll repay the loan over time through your property taxes.
Investing in Solar Panels Can Bring You Rewards
Would you like to decrease your home’s carbon footprint with an upgrade that will pay for itself over time? Learn more about investing in solar panels and request free quotes from reputable installers today.
