City of Toronto launches Home Energy Loan Program
The City of Toronto today announced the launch of a three-year pilot program
called the Home Energy Loan Program (HELP). HELP is a new financing tool to help
homeowners improve their home's energy efficiency and save money. Through the
program, qualifying homeowners can apply for a low interest loan for energy
efficient improvements, then pay back the City over time via installments on
their property tax bill. Ten million dollars in HELP funding is available to
support improvements such as upgrading to a high efficiency furnace, insulation
upgrades, and energy efficiency windows and doors. "Investments in energy
efficiency and water conservation create high-quality jobs, reduce energy use
and keep housing affordable," said Councillor Michael Thompson (Ward 37
Scarborough Centre), Chair of Toronto's Economic Development Committee. "The
Home Energy Loan Program provides financing for homeowners that enables them to
improve the energy efficiency of their homes, reduce energy consumption and cut
costs." The City of Toronto established the HELP pilot as a part of its
commitment to achieving an 80 per cent reduction in greenhouse gas emissions
from 1990 levels by 2050. Buildings, including homes, account for about 44 per
cent of the greenhouse gas emissions. HELP offers unique benefits in comparison
to traditional financing that a homeowner might consider when making energy
efficiency improvements, including equal access to financing regardless of
homeowner income level, low fixed-interest rates and longer repayment terms of
up to 15 years. And, because the LIC is attached to the property, not the owner,
the financial obligation automatically transfers to successive owners upon sale
of the property. The pilot program is currently available in specific
neighbourhoods in Toronto. The program will be expanded to additional areas in
later phases of the pilot program. Current eligible areas include the following
neighbourhoods:
- Black Creek: postal code that starts with M3N
- Toronto Centre/Riverdale/Beaches: M4E, M4L, M4M, M4J, M1N, M4C, M4K, M5A
- Junction/High Park: M6P, M6S
- South Scarborough: M1M, M1E, M1C, M1L, M1K, M4B