"You’ve worked hard for a place to set down roots, raise a family, and retire. Andwith a new interest-free loan of $40,000, you’ll be able to make your home more comfortable,lower your monthly bills, and keep our environment healthy"
With the election now a few weeks behind us, let’s review some of the campaign promises of the re-elected liberal leader, Justin Trudeau, that may affect some of you homeowners. Faced with the ongoing climate change concerns, the Liberal Party promises to deploy interest free loans to help combat these issues. Access to interest-free loans of up to $40,000 to upgrade old furnaces, replace leaky windows or retrofit their homes to make them more energy-efficient and resilient to floods and wildfires were promised by the Prime Minister. This program would offer a free energy audit and would help to retrofit about 1.5 million homes. Green-friendly renovations such as high efficiency doors or windows, rooftop solar panels, basement flood-proofing or insulation would allow Homeowners and landlords be eligible for the up to $40,000 interest-free loan. Many Canadians live in homes that aren’t energy efficient, resulting in higher utility bills and more pollution.
Of course these loans would have to be paid back! The Liberal plan would require these loans to be paid back over 10 years through an insured mortgage, bank loan or in partnership with a utility company. However, those who utilized such loans may receive a cash incentive of between $250 – $750, depending on how much energy waste they reduce. In a tweet, Justin Trudeau says “You’ve worked hard for a place to set down roots, raise a family, and retire. And with a new interest-free loan of $40,000, you’ll be able to make your home more comfortable, lower your monthly bills, and keep our environment healthy”. Furthermore, apart of their campaign, the Liberal government also intends to give out Net Zero Homes Grant of up to $5,000 for Canadians who buy new homes that are certified as zero-emissions. We will keep you up to date as to if and when these incentives become available to you!