Toronto offers interest-free loans of up to $125K for green home renovations – Toronto | Globalnews.ca

The City of Toronto offers interest-free loans of up to $125,000 for green home renovations.

In a press release issued Thursday, the City said homeowners will be able to access the loans for terms of up to 15 years, with 20-year terms available for retrofits including rooftop solar PV, geothermal, new windows and pumps. electric heat.

Homeowners will also be able to access incentives for specific measures including electric heat pumps, rooftop solar and deep retrofits.

“Currently, homes and buildings are the largest sources of emissions in Toronto, generating about 57 percent of the community’s total emissions, primarily from burning fossil fuels (natural gas) for heating and hot water,” he said. the notice.

The City said the loans and incentives are part of its Home Energy Loan Program (HELP), which has been offering low-interest loans since 2014.

The federal government provided funds to develop the program, including a loan of up to $9.712 million to finance interest-free loans and a grant of up to $4.856 million.

A portion of the funds will go toward developing training, education and resources for homeowners, contractors and industry stakeholders, according to the release.

Interest-free loans and incentives will be available until the funds are used, at which point low-interest loans will continue to be available, the City said.

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“Home improvements eligible for financing include electric heat pumps, insulation (attic, wall, basement), upgraded windows/doors, air sealing, geothermal systems, rooftop solar PV, tankless water heaters, solar hot water, charging stations for electric vehicles, battery storage and more,” the statement said.

The City noted that homeowners may also be eligible for the federal government’s Canada Greener Homes Grant of up to $5,000.

The HELP program is part of the city’s broader goal of putting Toronto on a path to reduce community-wide greenhouse gas emissions to net zero by 2040 and the Net Zero Existing Buildings Strategy “which recognizes the need to transform housing,” the statement said.

There have been 245 HELP-supported home improvement projects since 2014.