City of Toronto Launches Enhanced Home Energy Loan Program
July 6, 2022 | By HPAC Magazine
The enhanced HELP initiative will include loans for furnaces, boilers, heat pumps, water heaters and more, up to $125K and financing as low as 0%.
On July 7, the City of Toronto launches an enhanced Home Energy Loan Program (HELP) that will include an interest rate as low as 0%. The loans are attached to the property, not the owner, and repayments are made through municipal taxes.
Through the program, Toronto homeowners can get a low-interest loan of up to $125,000 to cover the cost of home energy improvements, such as:
- High-efficiency furnaces / boilers / air conditioners
- Air-source heat pumps
- Window / door replacements
- Basement/attic/exterior wall insulation
- Air sealing (e.g. weather stripping or caulking)
- Geothermal systems
- High-efficiency water heaters
- Tankless water heaters
- Drain-water heat recovery systems
- Toilet replacements
- Solar hot water systems
- Rooftop solar PV panels
- Electric vehicle charging stations (Level 2)
- Battery storage
With low fixed interest rates and terms of up to 20 years of amortization on qualifying measures, HELP makes it easier for homeowners to pay for home improvements over time and also access rebates offered by utility companies.
Once funding is approved, homeowners can hire the contractor of their choice and complete their renovations.
Homeowners and contractors are invited to attend a 20-minute webinar to learn more about the program where City staff will explain the HELP approval and repayment process, upgrades and retrofits eligible for funding, and answer questions:
Friday, July 8, 12 noon
Tuesday, July 12, 12 noon
Thursday, July 14, 12 noon
For more information and links to the webinars visit: toronto.ca
