A ‘green home’ is any residence that is specifically designed, or has been retrofitted, to use significantly less energy and resources compared to a standard home.
While being an eco-friendly way to reduce one’s overall carbon footprint, a green home can also save you a considerable amount of money on your bills each month.
These types of homes have been gaining significant traction over the last few decades, with the government more recently incentivizing those homeowners that are willing to invest in making their residence more environmentally friendly.
This is where the federally funded ‘Greener Homes Grant’ comes in, which we will be exploring in more detail down below.
What is the Canadian Greener Homes Grant?
To put it simply, the Greener Homes Grant is a multi-faceted and eco-friendly federal initiative that empowers Canadians to improve the energy efficiency of their homes. This is done by offsetting a portion of the costs associated with upgrading facilities through government funding.
Through this grant, homeowners can receive up to a $5000 retrofit sum that can be put towards energy-efficient home improvements.
In addition to this, up to $600 may also be provided for pre- and post-retrofit evaluations. These professional walkthroughs aim to provide owners with expert advice on how to make their homes greener within their target budget.
What Parts of My Home Can I Upgrade?
The Greener Homes Grant can reimburse you for a number of different home-improvement procedures and equipment upgrades. Eligible retrofits include:
- Air-sealing. Professional air sealing is often the first retrofit to be suggested, as it improves the airtightness of your home, prevents excess heat loss, and helps lower your heat and energy bills. A grant between $550 and $1000 may be available to those looking to air-seal their home.
- Heating. Retrofitting your home with a heat pump is an approved method of lowering your carbon footprint and reducing your overall heating costs. The Greener Homes Grant may provide you with between $3000 to $5000 if you commit to this upgrade. Replacing your domestic water heater with an Energy Star certified model also makes you eligible for a reimbursement of up to $1000.
- Home insulation. While reimbursement will vary depending on the type of insulation being retrofitted, Canadians may be eligible for up to $5000 to improve their attic, ceiling, exterior wall, floor, basement, and/or crawlspace insulation.
- Home resiliency measures. Due to climate change, the weather and other environmental factors have become more severe and unpredictable. To help protect your home from this, reimbursements are provided to those that improve the resiliency of their home while also integrating another energy efficiency retrofit. Depending on the measure, a grant may supply anywhere from $150-$900 per service.
- Solar energy panels. Those who install solar photovoltaic technology (which converts sunlight into electricity) are eligible to receive a grant up to $1,000 dollars per 1.0 kW of peak power supplied by the installed system.
- Thermostats. The Greener Homes Grant will reimburse you $50 dollars if you integrate a smart thermostat into your home in addition to another approved green service.
- Windows and Doors. Replacing your windows, doors, and their frames with Energy Star certified alternatives can reduce heat costs and save you money. The cost of repairing and/or replacing these structures may be reimbursed between $125-$250 per door/window.
What Are the Benefits of a Greener Home?
The obvious advantage of a more energy-efficient home is that it reduces your overall impact on the environment. By carefully selecting eco-friendly appliances and construction materials, you lower emissions and use less energy overall. This minimizes your carbon footprint, positively contributing to environmental sustainability.
In addition to this, green improvements can also benefit you financially by helping you save money each month on your water, electricity, and gas bills.
New single-family homes that are certified green and energy-efficient may also make you eligible for a home insurance refund of up to 25% – an incredible amount of savings over the long haul!
Looking for More Information? Reach Out To Us!
No matter what’s motivating you towards a greener home, we would be happy to go over what grants and initiatives you may be entitled to.
Contact our team of Chartered Professional Accountants at Isaac Achal Professional Corporation at your earliest convenience.
We can help demystify the process of getting a grant so that you can achieve the best home results with the appropriate funding at your disposal.
