Zero-Interest Loans Help Canadian Homeowners Make Green Upgrades

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Green loan programs allow property owners to borrow money to cover energy-efficiency and renewable-energy upgrades to the property and pay it back over time as a surcharge on their property tax bills.

Julian Boyle, president of PACE Atlantic, stands in front of a local home's solar panel and battery storage project. It was funded with a loan from the Switch Charlottetown program, one of several zero-interest or low-interest municipal loan programs across Canada designed to fund green upgrades to homes.

Campbell got the loan through a government-funded program called Switch Charlottetown, run by a group called Property Assessed Clean Energy Atlantic,Similar programs have been popping up across Canada and the U.S. to help tackle some of the barriers that stop people from making green upgrades to their homes, from swapping gas and oil heating for heat pumps to adding insulation or solar panels.

"It can be very confusing when you're looking at the website and, you know, applying [figuring out] which programs you want, what rebates come with them," Campbell said.WATCH | City of Winnipeg considering adding solar panels to some of its properties1:40 attached to the property and not the owner. That means it doesn't affect the credit of the property owner, and the loan can beSo, homeowners can make upgrades without worrying whether they'll move before they get a return on their investment.

 

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