Incentives for Green Renovation

According to a study done in Canada between 2011-2016, the Canadian government decided to invest $195 million in starting an Eco ENERGY Efficiency Program so as to improve energy efficiency in Canada. The aim of this program is to develop clean energy solutions for the country as part of the green revolution.

Green Revolution

You may be wondering why everyone is talking about green. Several governments are giving incentives and utilities to make sure that every homeowner moves to green. Green refers to energy-efficient, sustainable power.

The American Recovery and Reinvestment Act (ARRA), which was passed in 2009, set aside billions of dollars to ensure green-building projects are raised, renewable energy is increased, and energy efficiency programs are promoted.

Nearly $9 billion was channeled to renovate and repair schools so that they can meet the set standards of a green-building program, while $3.95 billion was set aside for green job training, according to Architect Magazine.

Now you should be convinced that the U.S. government is taking the green revolution seriously. But what are you doing in your area? You might be shocked to know that there is an incentive that your government has provided for you so as to join the rest in the green revolution.

Incentives for the Green Revolution

Incentives that are offered by the government depend on the region and the state you are in. Some of the incentives that you should look out for include:

1.      Residential Renovation and Retrofits

Some of the incentives under this category include:

a)      Fortis BC – If you are renovating your home, you might enjoy an incentive of about $1,500 for installing ENERGY STAR heat pumps, windows or insulation. If you happen to replace your old water heater with an ENERGY STAR water heater, you might enjoy an incentive of $1,000.

b)      BC Hydro Fridge Buyback Program – BC Hydro gives you $30 for your old refrigerator.

c)      Water Meter Program – You may be paid for installing a water meter so as to conserve water.

d)     Water Conservation Program – It tries to reduce the amount of water you use by introducing practices that lead to water efficiency.

e)      Home Energy Loan Program – This program is for you and other homeowners in Vancouver, where you can borrow an average of $16,000 at a lower fixed rate of 4.7% for over 10 years.

f)       Credit Union Home Energy Loan – It helps you make renovations to your home to make it more energy efficient.

2.      Construction of New Residential Homes

Some of the incentives include:

a)      Power Smart New Home Program – This program encourages you to build your residential home with an energy-efficient design.

b)      Energy Efficient Mortgage Loan Insurance Refund – You may enjoy a 10% deduction when purchasing or renovating an energy-efficient home.

3.      Introducing Multi-Unit Residential Buildings

Incentives that you will enjoy in this category depend on the building that you are building. For example:

a)      New commercial and industrial constructions

b)      Commercial buildings that are to be renovated

c)      Charitable organizations

d)     Non-profit organizations

e)      Government buildings

All these buildings come with their own set of incentives, and you can visit the Environmental and Resources website of your country to view the incentives.

4.      Green Financial Services

If you are buying or renovating an energy efficient home, you will enjoy an Energy Efficient Mortgage Loan insurance refund.

Other incentives include:

·         Energy Improvement Mortgage – This enables you to make changes and upgrade your purchased home to green level. This upgrade may involve installing double-paned windows, tankless water heaters, and better insulation. You will use utility bills rather than paying down payments.

·         Federal Housing Administration (FHA) EEMs – It gives you a loan so that you can buy or improve your home to meet Energy Efficient Mortgage standards.

·         203K Mortgage – Allows you to have a loan to renovate the property you are buying.

These are just a few of the incentives that are found in Canada and the United States. Likely, most of them can be found in your state or country. Be a part of the green revolution so that you can help conserve our planet.