Zero-Interest Loans for Eco-Friendly Home Renovations!

Homeowners now have access to interest-free loans for major eco-friendly upgrades to their houses, thanks to a new program launched by the Canadian government as part of its emissions reduction plan for 2030.

The federal government announced it was investing $458.5 million to the Canada Greener Homes Initiative, thus granting loans going from $5,000 to $40,000 per household for green upgrades. Loans ranging from $125 to $5,000 have been offered since last year.

Owners of a single or semi-detached house, row, or townhouse, or of a mixed-use building, mobile home on a permanent foundation, permanently moored floating home, or a multi-unit residential building of no more than three stories can apply for a loan. Eco-friendly renovating projects include improving insulation, windows, doors, thermostats, space and water heating, and implementing a renewable energy source such as solar panels. Highly popular, the initiative has already received 171,000 applications and granted $38,000 to 10,300 homeowners.