Interest-Free Loan for Energy Efficient Retrofits
Canada Greener Homes Loan
Related Information: View our Canada Greener Homes Grant Summary
Canada Greener Homes Loan for Solar Panels
The Canada Greener Homes Loan of up to $40,000 is now available to homeowners for energy efficient retrofits to their home, which includes the installation of solar panels and we have all the information you need to know about claiming your interest-free loan!
What is the Canada Greener Homes Loan?
The Canada Greener Homes Loan is an interest-free loan made available by the Federal government for Canadian homeowners. This loan can be used towards energy efficient upgrades, such as solar panels, to your primary residence and is repayable over 10 years. During a time of rising interest rates, our customers are quickly applying to process their loan!
There are 175,000 loans available. Based on our experience with the Canada Greener Homes Grant, we anticipate these loans to be fully claimed by June 2023, possibly sooner. Get in line to claim your loan today and contact us for your free Solar Assessment! Our experts will help guide you through the application process to claim your loan.
Canada Greener Homes Loan Details:
Minimum Amount: $5,000
Maximum Amount: $40,000
Repayment Term: 10 years, interest-free
Loan Type: Unsecured personal loan on approved credit
Only one loan is available per property and homeowner. After filing your application, you cannot revise the amount. If the final project cost is less than the approved loan amount, the loan will be decreased to cover the project costs. If the final project costs are higher than the loan amount, the loan amount will not be increased. The homeowner will be responsible for any outstanding amount. Make sure you are working with a reputable contractor who outlines all potential project costs upfront.
Upon being approved for the loan, up to 15% of the project cost will be advanced to the homeowner for initial down payment costs of starting the project.
Before applying for the Canada Greener Homes Loan, you must first apply to, and be approved, for the Canada Greener Homes Grant.
If you’re newly considering solar energy for your home, we have a great introductory video in our Blog, along with understanding some misconceptions about solar energy. You can also contact us directly, and our solar experts can answer all your questions.
Eligibility Requirements:
- You must qualify for the Canada Greener Homes Grant (we’ve helped many customers qualify for the full $5,000 without any issues!)
- The home receiving the improvement must be your primary residence, shown with driver’s license, government issued ID with address, or a utility bill
- The primary residence must be at least 6 months old, from the date of occupancy by the first homeowner, and eligible for an EnerGuide evaluation
- Proof of ownership must be shown with property tax bill number
- You must have a good credit history
The loan is not available for:
- New builds or new homes
- Work that is already started or completed
- Retrofits that haven’t been recommended by an energy advisor
- Retrofits that are not eligible for a Canada Greener Homes Grant
- Retrofits that aren’t included in your application