Regional Reports / Canada

Toronto Introduces Property-Tied Energy Efficiency Loans

Homeowners Can Get Loans of Up to 5 Percent of the Assessed Value of Their Homes

TORONTO — The city of Toronto recently piloted a program that will allow residents in certain designated neighborhoods to get city-financed loans to improve their homes’ energy and water efficiency.

For now, the program only has funding of $20 million from city reserve accounts. Homeowners can get loans of up to 5 percent of the assessed value of their homes and to qualify, the home must be evaluated by a certified energy advisor. Loans of up to 15 years at 4.25 percent are available and loan repayments are made via the property tax bill. What is most unique about this program, however, is that the loan is attached to the property, so it is transferred to the new owner if the house is sold. This feature removes the often-cited disincentive to investing in energy efficiency improvements that homeowners often feel if they are uncertain about whether they will live in a home long enough to reap the benefits of such investment.

The program is being run alongside a similar incentive program being run by Enbridge Gas Distribution. Pending the results of this pilot, the city of Toronto would like to take the program city-wide. Ontario legislation now exists to allow this type of property tax-related financing in any municipality so there is a possibility that other municipalities will follow suit.

Publication date: 4/7/2014

Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2014 Energy Efficiency Forum

Highlights from the 25th annual Energy Efficiency Forum in Washington, D.C.


NEWSMakers: Jason Vogelbaugh

Jason Vogelbaugh of Alpha Controls drops in to the NEWSMakers podcast to discuss his role with the company, the InsideIQ Building Automation Alliance, and current energy-efficiency projects being worked on. Posted on Sept. 26.

More Podcasts


NEWS 09-29-14 cover

2014 September 29

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Venting R-22

The NEWS reported that a man received prison time for venting R-22. Should EPA step up enforcement?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con