Deep energy retrofits involve making extensive upgrades to existing buildings to improve their energy efficiency. The Canada Greener Affordable Housing program provides forgivable and low-interest loans to help finance building retrofit measures and activities needed to meet climate goals.
Examples of updates that will reduce rental buildings’ energy consumption and greenhouse gas emissions include improved insulation, high-efficiency appliances and solar panel installations. These changes will reduce buildings’ carbon footprint, while lowering residents’ utility bills.
Through this program, Canada Mortgage and Housing Corporation will fund 100% of eligible retrofit costs and provide low-interest loans to finance the rest.
The Role of Canada Greener Affordable Housing in Promoting Sustainable Living
A growing awareness of climate change and its related issues is driving the demand for greener affordable housing, and the expectation is that housing options should align with sustainable practices.
The retrofit funding program is a crucial step in helping Canada reach its goal of net-zero emissions by 2050. Eligible energy retrofits include projects that target a 70% reduction in energy consumption relative to pre-retrofit performance, plus an 80% reduction in greenhouse gas emissions relative to pre-retrofit performance.
CMHC is accepting retrofit funding applications until July 31. While affordable housing providers have two years to complete retrofit work, they must claim forgivable loan funding within the same fiscal year as approval.
The Future of Sustainable Housing in Canada
Energy efficiency plays a critical role in the push to develop sustainable housing. With rising energy costs and ongoing concerns over climate change, Canadians are increasingly looking for ways to minimize their environmental impact while saving on their utility bills. Green technologies such as solar panels, energy-efficient appliances and smart technology are becoming standard features in modern homes. These innovations reduce reliance on fossil fuels, while providing long-term financial benefits.
