Green Incentives

How can you green your home while saving money? 

If you are planning on renovating, there are a few things to keep in mind that might help pay for those upgrades, while making your home more energy efficient.  Each of our RenoMark™ renovators will be able to assist you in upgrading your home to help the environment and save you money on your energy bills, from start to finish. 

As it happens, both the federal and provincial governments are offering healthy financial incentives -- up to $5,000 each - if you undertake certain recommended retrofits. The minor wrinkle, is that you have to have an energy audit done in advance so that you know which retrofits will qualify for funding.

Most importantly, you need to contract with a licensed energy advisor who will conduct a detailed on-site assessment of your home's energy use including a "blower door" test to find air leaks. The advisor will provide you with the actual energy efficiency rating of your home along with a report and list of recommended retrofits.

After you have completed your energy upgrades, the advisor will conduct a second evaluation and calculate a new energy efficiency rating that indicates the improved energy use in your home.  From there, the advisor will determine exactly how much you can expect to receive, prepare the paperwork for you to sign, and submit the grant application(s).

For Canada Mortgage and Housing Corporation's rebate incentives table, CLICK HERE.

For a complete homeowner's guide to green renovation please CLICK HERE. 

For all the information on booking your audit please click HERE.  

For an article on what will happen during your audit see what the Toronto Star tells you to expect by visiting HERE.

How much can you save?  

Every upgrade will be different, from small upgrades like moving to a low-flush or dual flush toilet, to upgrading your windows and doors, which can save you approximately $250.  Or, by upgrading to an energy efficient furnace you can save approximately $670. 

Just to give you some more examples, you can recover $500 if you install an ENERGY STAR gas furnace, $300 for installation of a heat recovery ventilator, and $200 for an energy-efficient hot water heater. Insulation grants for exterior walls can range up to $1,500 depending upon the area insulated and the R-value, with additional grants available for attic, basement and crawl space insulation. Replacement windows and doors are funded at $30 each.

Not only will energy efficient upgrades make your house more eco-friendly but you will also improve the value of your home, and save you more money long term. 

To obtain the latest Transfer Station Information Package, published on September 1, 2009 by the City of Toronto Solid Waste Management Services, please CLICK HERE.

How can I pay for these upgrades?

The government offers an ecoEnergy Retrofit Program, which can give you up to $5,000 for energy efficient home improvements.  For more information click HERE. 

There is also a full list of provincial and city programs that offer rebates which can be found HERE.

While the cost of the energy audit is not covered through the federal program, the Ontario government will fund up to $150 and some local municipalities or financial institutions may chip-in as well, so be sure to check.

ECO MORTGAGES

Your banking institution may also offer a rebate program, or special financing when doing an energy audit. Here are some popular ones:

RBC Energy Saver Mortgage

Receive a $300 rebate on a home energy audit.

Get a five-year, fixed mortgage with an annual interest rate of 4.34 per cent, more than one-per-cent lower than the regular posted five-year rate.

TD Canada Trust Green Mortgage

Offers customers one-per-cent off the posted interest rate on a five-year, fixed-rate mortgage.
Customers also receive a cash rebate of up to one per cent of the amount of the mortgage when home buyers make Energy Star-qualified appliance purchases and home upgrades or purchase CSA-approved solar panels.

TD will also donate $100 to the TD Friends of the Environment Foundation charity for each Green Mortgage opened.

BMO Eco Smart Mortgage

Offers buyers of green properties a 3.89-per-cent annual interest rate on their mortgage.
In order to qualify for the BMO Eco Smart Mortgage, the home must meet certain requirements as confirmed by a third-party appraiser (or energy auditor) arranged by BMO.

Canada Mortgage and Housing Corporation (CMHC) incentive

If a person uses CMHC insured financing to buy an energy-efficient home or purchases a house and makes energy-saving renovations to make it more energy efficient, a 10-per-cent refund on the mortgage loan insurance premium may be available.
 
For more information on the eco-renovation programs available to you from the province or how you can update your home to help the environment call one of the RenoMark renovators and see how you can get your project started.  If you are already considering a renovation, why not make it an energy efficient one, and save some money long term.