Homeowners applying for the federal government’s interest-free loans to make energy-efficient renovations should look into provincial and municipal incentives for extra support, one energy-efficiency expert recommends.
The federal government launched a long-awaited program in mid-June providing interest-free loans of up to $40,000 for home retrofits — things like replacing fossil fuel heating systems, fixing drafty windows and doors, upgrading wall insulation or installing solar panels.
With rising interest rates, this loan should be enticing to people, but making your home as energy efficient as possible will likely cost more than $40,000, said Brendan Haley, policy director of Efficiency Canada. Depending on the building, you could be looking at over $100,000 in costs, he said.
