Attention Montreal Homeowners! Here is How You Can Benefit From the Canada Greener Homes Loan
The Canada Greener Homes Loan program offers interest-free financing along with the Canada Greener Homes Grant to help you complete windows and doors replacement projects. In this article, we will explore the Canada Greener Homes Loan details and guide you through the application process. Discover how you can unlock the benefits of this loan to upgrade your windows and doors all while making your home more energy-efficient.
Table of Contents
1. What is the Canada Greener Homes Loan? 2. Loan Details 3. Eligibility 4. How to Apply as a Quebec Resident 5. Upfront Costs 6. Repayment of the Loan 7. Conclusion
1. What is the Canada Greener Homes Loan?
The Canada Greener Homes Loan is a financing program designed to assist Canadians in making their homes more energy-efficient. It is a part of the Canada Greener Homes Initiative, which is jointly delivered by Natural Resources Canada (NRCan) and the Government of Quebec through the RénoClimat program. The loan works with the Canada Greener Homes Grant, providing homeowners additional financial support for their windows and doors replacement project.
2. Loan Details
The Canada Greener Homes Loan offers a maximum loan amount of $40,000 and a minimum loan amount of $5,000. The repayment term for the loan is 10 years, and it is interest-free. This means that you can upgrade your windows and doors without incurring additional costs in interest charges. The loan is an unsecured personal loan that is subject to approval based on your creditworthiness.
The maximum eligible loan amount is determined based on the retrofits selected in your application and the quotes obtained for the work. However, the eligible amount is capped according to industry standards and market norms. It's important to note that the maximum eligible loan amount may be lower than your quoted cost, in which case you will be responsible for funding the difference.
Note that only retrofits recommended by an energy advisor and eligible for the grant are eligible for financing through the Canada Greener Homes Loan. This ensures that the loan is used to finance products and installations that contribute to making your home more energy-efficient. For more information on eligible windows and doors, read our guide here.
3. Eligibility
Before applying for the Canada Greener Homes Loan, there are certain eligibility requirements that you need to meet. These include:
· Being eligible for and applying for the Canada Greener Homes Grant or an equivalent provincial program. · Being a Canadian homeowner, with your home being your primary residence. · Having completed a pre-retrofit evaluation of your home dated April 1, 2020, or later. · Having a good credit history and not being under a consumer proposal, an orderly payment of debt program, or a bankruptcy or equivalent insolvency proceeding.
Meeting these eligibility criteria will qualify you to apply for the loan and access the benefits of the Canada Greener Homes Loan program.
4. How to Apply as a Quebec Resident
As a resident of Quebec, the application process for the Canada Greener Homes Loan differs slightly from other provinces. Here's how you can apply:
Apply to the Canada Greener Homes Grant: Before applying for the loan, you must first apply for and be eligible for the Canada Greener Homes Grant. This can be done by signing up through our provincial co-delivery organization, RénoClimat.
Get a Pre-Retrofit EnerGuide Evaluation: A service organization will schedule a pre-retrofit EnerGuide evaluation of your home with an energy advisor. During this evaluation, your home will be assessed for its energy efficiency and recommendations will be made on how to make it more energy-efficient and climate-change resistant.
Plan Your Retrofits and Get Quotes from Contractors: Review the recommendations from the evaluation and select the retrofits that align with your budget and renovation plans. This step is where you contact us to schedule a free estimate and visit to obtain a detailed quote for your application.
Submit an Application to the Loan: Log in to your Canada Greener Homes account and access the loan portal. You will be required to upload the required documentation along with quotes from contractors. The program will calculate the maximum loan amount you are approved for based on your application. Review the information and accept the loan agreement.
Complete your retrofits and keep receipts and invoices: Start your work, and make sure to keep copies of all your receipts and invoices along the way.
Get a post-retrofit EnerGuide evaluation: Once the retrofits are complete, contact your service organization to request a post-retrofit EnerGuide evaluation. An energy advisor will evaluate the impact of your improvements and provide you with an updated EnerGuide label and a new report that estimates how much you can receive for your grants.
Receive Your Loan Amount: Once your retrofits are completed and verified through a post-retrofit evaluation, the loan amount will be reviewed based on the actual costs. If the costs are lower than the initial estimate, the loan amount will be decreased. If the costs are higher, the loan amount will remain the same. The approved loan amount, minus any initial advance, will be deposited into your bank account within 10 days.
5. Upfront Costs
To facilitate the process, you can access a portion of your loan funds in advance to cover upfront costs, such as paying a deposit to your contractor. The loan allows for a maximum upfront payment of up to 15% of the eligible retrofit cost. By demonstrating the need for an upfront payment through quotes received from contractors and specifying the deposit amounts required, you can request the advance on your loan during the application process.
6. Repayment of the Loan
The Canada Greener Homes Loan is repayable over a 10-year period. Detailed information regarding the repayment of the loan will be provided to you.
7. Conclusion
With interest-free financing of up to $40,000, The Canada Greener Homes Loan presents an excellent opportunity for Quebec homeowners to upgrade their windows and doors and make their homes more energy-efficient.
Please note that while this guide provides carefully curated information, staying updated with any changes from RénoClimat and the Canada Greener Homes Grants is essential. For specific inquiries, or any additional information, reach out to these programs directly.
- Rudy Moskun
Owner & Installer
514 402-5656
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