Home Business Calgary launches program to finance clean energy upgrades on homes

Calgary launches program to finance clean energy upgrades on homes

by News Desk
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The Clean Energy Improvement Program is designed to help with the initial cost of certain home improvement projects.

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The city is making it easier for Calgarians to upgrade their homes with clean energy through a new loan program that ties repayments to properties rather than borrowers.

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The Clean Energy Improvement Program is designed to reduce the initial cost of certain home improvement projects, such as installing solar panels, heating and air conditioning upgrades, and hot water heater and lighting upgrades. If the home is sold before the loan is repaid, the remaining costs are passed on to the next homeowner.

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In a news release, the City of Calgary said 65% of Calgary’s greenhouse gas emissions come from buildings. The program addresses the fact that many buildings standing today will still be in place in 2050, when the city hopes to achieve net zero greenhouse gas emissions.

Mayor Jyoti Gondek said the city wants this type of upgrade, but hears from residents that they can’t always afford the initial cost.

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“Given what we’ve seen with inflation, it’s just a little bit harder for people to do what they want,” the mayor said. can be upgraded to and slowly paid off through property tax bills.”

Loan attached to property owner’s tax notice

Under CEIP, homeowners can obtain loans of up to $50,000 to cover the cost of upgrades. The city says homeowners can always pay their loans in full with no penalty, while offering “competitive interest rates” and repayment terms of up to 20 years.

The loan is attached to the property owner’s tax invoice. David Kelly, CEO of solar installation company SkyFire Energy, said it could be the key to getting more people to install solar installations.

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“A lot of people argue, ‘If I have to move in five years, I don’t want solar in my house,'” says Kelly. “If you have this program and a loan on your home, if you’ve lived in the house for five years, you’re paying a five-year loan, and the next owner is paying a five-year loan.”

He said the cost of adding solar power to the average home ranges from $8,000 to $15,000.

Kelly said there are other federal loans and grants available.

“Solar makes sense today,” he said. “It’s cheaper than grid electricity, especially with subsidy programs and loans.”

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CEIP rolled out across Alberta

According to the city’s website, the program has a limited loan amount. The program is currently worth $15 million.

CEIP is already deployed in eight other municipalities in Alberta, including Lethbridge, Edmonton and Canmore. Alberta Municipalities is the third party administrator of the Program.

Alberta Municipality Chairman Kathy Herron said Calgary has emerged as the provincial leader for the program.

“This is the largest program ever in the state and will fund hundreds of residential energy efficiency and renewable energy projects over the next four years,” she said in a news release. “The Alberta Municipality is proud to serve the Calgarians as administrator of the program.”

Loan details can be found at the following website: Calgary.ca/CEIP.

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twitter: @brodie_thomas

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