The Greener Homes Loan is an unsecured personal loan, which means it is not reliant on one of your possessions like a mortgage or home equity line of credit.
As a result, candidates must have a solid credit history and not be involved in a bankruptcy, orderly debt repayment program, or consumer proposal at the time of application. Your application may need to include documentation of your good credit.
You might wonder How to go for the Canada Greener Homes grant? Let us delve into it.
Applicants for Residential Solar Loans
A pre-construction energy audit, homeownership in Canada, eligibility for the greener homes grant windows program, and the installation of solar panels on your principal property are requirements for applicants.
Residential Complex with Multiple Units Loan at 0% Interest If multi-unit residential buildings (MURBs) meet certain extra criteria, they may qualify for the low-interest solar loan.
The number of apartments in the building and whether the owner lives there will determine the criteria.
Homes with secondary suites, row homes, retirement residences, side-by-side duplexes, and townhomes are not MURBs and are not qualified for further funding under this category.
For the basic $5K solar grant and $40K interest-free loan, owners of townhouses, duplexes, or residences with secondary suites may apply.
Indigenous borrowers of low-interest loans
If an indigenous group applicant owns the property or homes and/or has a formal partnership to represent the owners, the applicant may register numerous homes for the program. The property need not be the owner’s primary residence in this situation.
What Measures Qualify?
The $5,000 Canada greener homes grant program and the $40,000 interest-free Greener Homes Loan both accept the same measures.
Implementing one of the measures listed below can earn you up to $5,000, while the cost of the pre-and-post-retrofit examination can cost you up to $600. Potential one-time grant incentives of $5,600 would be provided to the homeowner.
To avail of the grant, the homeowner would be required to pay for evaluation by Energy Auditor. The Canada Government would cover $600 for the audit. However, depending on the Energy Rating and (or) U-Factor of the window, every homeowner would receive either $125 or $250 for each window opening. They would also be provided $125 for the entrance door or sliding patio door.
For a $40,000 loan, you can acquire a $45,000 solar power system that you can spread out over 10 years at 0% interest.
To sum it up
Canada’s government has been looking forward to making the region cleaner and greener. They have designed the program to benefit all without burning a considerable hole in their pockets.