Financing
How The Greener Homes Interest-Free Loan Worked For Going Solar In Canada
A closer look at how the interest-free Greener Homes Loan worked for solar buyers, and how to think about financing now.
A closer look at how the interest-free Greener Homes Loan worked for solar buyers, and how to think about financing now.
Watch on YouTube: Greener Homes Interest Free Loan for Going Solar in Canada · Published May 6, 2024 · Subscribe to Terawatt Solar
The Canada Greener Homes Loan let eligible homeowners finance energy upgrades, including solar, with no interest over a term of up to 10 years. For a solar buyer, that meant the system's cost could be spread across a decade without paying a financing premium.
When we recorded this video the grant had already ended, but the loan was still open, and the process started with a form on our website.
Whatever the program, the way to compare financing is to line up three numbers: your current monthly electricity cost, the monthly payment on the solar financing, and the electricity bill that remains after solar. When the payment plus the remaining bill is close to or below what you pay today, solar is working from month one.
This is a May 2024 snapshot. For current options, read about the City of Toronto's HELP loan and the Home Renovation Savings Program.
Our proposals include financing scenarios next to your savings so you can see the monthly picture before you decide.
