Saskatoon Energy Efficient Home Loan Program Applications Open
Applications for Saskatoon’s Home Energy Loan Program (HELP) opened on Wednesday.
The goal of the program is to help homeowners install renewable energy options and improve efficiency. The city offers low interest loans of $ 1,000 to $ 60,000 to cover the initial costs of the renovations.
“Some examples of renovations a homeowner might consider with this funding include replacing a low-efficiency boiler with a higher-efficiency model,” city sustainability director Jeanna South said at the meeting. a press conference.
According to South, HELP is not meant for small changes, like switching to LED lights or purchasing energy efficient appliances.
HELP loans are repaid by property taxes over terms of five, 10 or 20 years and remain attached to the property. If someone moves before the loan is repaid, the new owner will assume the repayment of the loan.
The city has looked at similar programs in other cities, including the Solar City program in Halifax. South said the Halifax program has been so successful that the city is considering expanding it.
South also said that just hours after applications opened, the city had already received several.
“We have had a number of calls from homeowners and people in the construction industry who are also very excited about the program,” she said.
The program is expected to last two years, according to South. The city has $ 2.5 million in funding that is expected to cover the loans of about 100 applicants.
If the program is successful, the city may consider starting another, South said.