Financing Your Energy Efficiency Upgrades

Energy efficiency is one of the best long-term investments homeowners, renters and housing providers can make to save money, ensure protection from rising home heating costs, and protect the environment.

The biggest question facing homeowners and housing providers is: where do I get the money to make energy efficiency improvements?

Click on the links below to find out more.

• Government Grants and Incentives
• Provincial Incentives
• Provincial Utilities
• Other Government Mechanisms
• Low Interest Renovation Loans
• Green Mortgages

Government Grants and Incentives

Government grants and incentives focus on ‘one-time’ funding amounts to home and building owners to cover a portion of the cost of energy efficiency retrofits.

Grants are provided to the homeowner once work has been completed and verified. Grants and incentives are generally tax deferred. Home and building owners usually take care of contract management.

Across Canada, most provinces and territories offer homeowner grants for energy efficiency upgrades in conjunction with the federal ecoENERGY Retrofit - Homes program. In British Columbia, homeowners can access LiveSmart BC incentives for windows, doors, heating, ventilation, airsealing and more.

Many incentive programs exist. Please visit our incentives page to find out which grants your home or building may be eligible for.

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Provincial Utilities

Please visit our incentives page to find utility incentives to fit your needs.

Other Government Mechanisms

Local Government

Local energy efficiency grants and incentives are typically offered at the specific municipal level and are meant to provide a financial incentive to make building improvements that will save on water and energy.

Examples include water conservation programs, such as:

• City of Vancouver’s Water Saver Kits and Rain Barrel Subsidy Program
• Surrey Water Meter Program.

Other local programs may include funding through a municipality that can be used to support affordable housing development and energy efficiency retrofits, such as the City of Victoria $5,000 Secondary Rental Suite Grant.

Provincial Government

LiveSmart BC Energy Efficiency Incentive Program 

Homeowners can access LiveSmart BC incentives for windows, doors, heating, ventilation, airsealing and more.  

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Low Interest Renovation Loans

Some financial lending institutions in BC offer homeowner’s special interest rates on small loans when doing an eco-renovation that includes energy efficiency as a core component. These loans offer "green" financing solutions to help individuals create a more energy efficient home faster while saving on borrowing costs.

Eco-renovation loans may also provide a discount on a professional energy assessment as part of the loan package.

Examples include:

• The Vancity Bright Ideas Loan
• The Royal Bank of Canada Energy Saver Loan

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Green Mortgage Discounts

Energy Efficient Mortgages (EEMs)

An Energy Efficient Mortgage (EEM) is a mortgage that acknowledges and gives credit to a home’s energy efficiency. EEMs give individuals a chance to finance cost-effective, energy-saving measures as part of a single mortgage.

To get an EEM an individual usually has to have a home energy assessment completed on the home. The home energy assessment provides an energy rating to the home. This verifies for the lender the home’s level of energy efficiency.

Energy Improvement Mortgages (EIMs)

Energy Improvement Mortgages (EIMs), refer to existing homes that will have energy efficiency improvements made to them. EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment.

To find out more information on how to apply for an Energy Efficient Mortgage or an Energy Improvement Mortgage take a look at Canadian Mortgage and Housing Corporation and their coast-to-coast Green.