Canada to get greener and landlords to get richer?

Landlords and homeowners to get $4.4 billion interest-free loans

The Canadian Government has announced a $4.4 billion budget in interest-free loans for homeowners and landlords as part of a major climate change initiative to make Canadian homes greener.

Prime Minister Justin Trudeau, has just launched the new Canada Greener Homes Grant, which will help 700,000 Canadian homeowners across the country improve the energy efficiency of their homes and reduce their energy bills through an investment of $2.6 billion over seven years. This is part of the 2021 budget provision of  $4.4 billion in interest-free loans for homeowners and landlords’ extensive home retrofits.

Homeowners will be able to receive grants of up to $5,000 to make energy-efficient retrofits to their primary residences, and up to $600 to help with the cost of home energy evaluations.

Eligible home improvements and upgrades include replacing windows and doors, adding insulation, sealing air leaks, improving heating and cooling systems – such as with heat pumps – and purchasing renewable energy systems like solar panels.

The Government will also recruit and train up to 2,000 new energy advisors to help provide guidance, advice, and timely evaluations to Canadians from coast to coast to coast.

According to the Prime Minister, “this recruitment, with a focus on advancing diversity and inclusion, will create new jobs and economic growth that benefits everyone. Today’s announcement is just one of the many steps the Government of Canada is taking to fight climate change, reduce pollution, and protect the environment. Through Canada’s climate plan, we are making life more affordable for Canadians, creating good middle-class jobs, and building a stronger and cleaner economy for everyone.”

The Hon. Jonathan Wilkinson, Minister of Environment and Climate Change added that, “The new Canada Greener Homes Grant will help make the lives of homeowners across the country more affordable by reducing their energy bills and making their homes more energy efficient.

Landlords and Homeowners can go online to register, plan, and document their progress, which includes applying for their pre-retrofit EnerGuide evaluation, scheduling a post-retrofit evaluation, and applying for reimbursement.

Canadian landlords and homeowners who have been enjoying a boom recently from surging house prices and rents, will now certainly get even richer. Whether the landlords will pass some of these savings to tenants and first-time home buyers is far less certain.

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