Need to get a loan for solar panel system ? The Canada Greener Homes Loan is now available making solar even more affordable in Canada! Canadians all across the country can take advantage of the Canada Greener Homes Loan and get access to $40,000 dollars with 0% financing for up to 10 years.
What is the Canada Greener Homes Loan?
The Canada Greener Homes Loan is a 10-year interest-free financing loan option available to all Canadians who want to make their homes more energy efficient and take out a loan for their solar panel system.
With the Canada Greener Homes Loan, Canadians can get a 0% interest free loan on approved energy efficient retrofit costs for a minimum of $5,000 and up to a maximum of $40,000 over a period of 10 years. The loan is an unsecured personal loan on approved credit on projects deemed eligible by the Government of Canada The Canada Greener Homes Loan is a great loan option for getting your solar panel system installed. For a complete list energy efficient retrofit projects that are eligible, click here.
Here’s the summary:
Maximum loan amount: $40k
Minimum loan amount: $5k
Repayment term: 0% Interest for 10 years
Loan type: Unsecured personal loan on approved credit
Canada Greener Homes Loan for residential homeowners: Who is eligible?
Make sure you qualify for the Canada Greener Homes Loan! Here are a list of requirements you must meet before you apply:
- You must be a Canadian homeowner
- Your home must be your primary residence
- You have completed pre-retrofit evaluation of your home dated April 01, 2020 or later
- You have a good credit history and aren’t under:
- a consumer proposal
- an orderly payment of debt program
- a bankruptcy or equivalent insolvency proceeding
IMPORTANT: To qualify for the Canada Greener Home Loan, the Government of Canada will require you to share financial information to demonstrate that you have good credit rating and have the financial capacity to repay the loan.
What doesn’t qualify for the Canada Greener Homes Loan?
- residential home projects that you’ve already started or completed
- retrofits that haven’t been recommended by an energy advisor
- retrofits that are not deemed eligible by the Government
- retrofits that aren’t included in your application
How to apply for the Canada Greener Homes Loan
1. Find a service organization and schedule a pre-retrofit evaluation of your home
Reach out to an energy assessment service organization to schedule a pre-retrofit EnerGuide evaluation of your home. You will then get set up with an energy advisor who will evaluate your home and make recommendations on how to make it more energy efficient. Looking to get solar for your home? When you contact Zeno for a solar quote, we will recommend qualified energy advisors whom you can contact.
2. Plan your retrofits and obtain quotes from solar installers
Decide which retrofit is right for your home. Do not start work until your loan application has been submitted as retrofits started before will not be eligible for the loan. Speak with 1-3 solar installers and obtain quotes for your solar retrofit plans. At Zeno, we provide custom solar quotes for your solar project.
3. Apply for the Greener Homes Loan
Login to your Canada Greener Homes Account and click the button to access the loan portal. To submit your application, you will have to upload documentation to the loan portal, such as:
- Your property tax statement
- Your driver’s license or other government-issued ID, together with a utility bill
- A confirmation of income and employment (for example, a job letter or a T4 slip)
- Your Installation Agreement with your contractor
4. Complete your retrofits
Make sure you keep all your receipts and invoices!
5. Get a post-retrofit evaluation
Once your solar project is complete, contact your service organization to request a post-retrofit evaluation. They will visit your home to assess the impact of your retrofits. The service organization will upload the results and indicate that the retrofits have been completed. Please allow up to 30 days.
6. Request final loan advance
After your service organization submits the results of the post-retrofit evaluation, sign back in to your loan portal. Choose “Request Funding” and then upload all the final invoices for the completed solar project.
7. Receive your loan amount
As long as the information submitted remains the same, the final approved loan amount will be deposited into your bank account within 10 days. If the actual costs are lower than what was estimated, the loan amount will be adjusted downwards. If the actual cost estimates are higher, then the loan amount will remain the same.
8. Repay your loan over time
Once everything is submitted and approved, you will receive instructions on how to pay your 10 year interest free loan.
Get a solar panel quote with Zeno!
As Canada’s top and highest rated solar panel company, we make going solar easy! Reach out to us today for a free quote.
