Due to inflation, we’re all looking to save money where possible, but maybe we’re not sure where to look for those savings. One area to reduce costs that is under our control is through renovations to make your home energy efficient. And you can make your home energy efficient whether you’re in Toronto, Ontario, or elsewhere in Canada.
While there will be upfront costs to renovate, make changes, or buy a new, energy-efficient appliance, the long-term is where the cost savings reside. And the best way to realize the savings sooner is to start the renovation or buy that new appliance now.
To help you find these savings, energy providers such as Enbridge and governments from all levels have partnered to offer incentives to encourage homeowners to make these changes. It’s in everyone’s interest to lower costs and decrease demand on the energy grid.
What can you do? Here are some of the offers out there for Toronto homeowners:
- Home Energy Assessments
- Prevent the Flooded Basement
- Green Your Home
- Green or Cool Your Roof
- Heat Pumps
- Home Energy Improvements
- Insulation
HOME ENERGY ASSESSMENTS
Call Enbridge to come to your home for a home energy audit. They’ll find areas in your home where drafts can be eliminated, and air quality can be improved. Make the changes and then they’ll return to see how much energy you are already saving. In addition, the same program can assist in covering the cost of the energy audit itself.
Incentive: Up to $1300 for changes and upgrades; Up to $600 for the cost of the energy audit.
PREVENT THE FLOODED BASEMENT
It’s a nightmare to come home to a flooded basement. Do your best to prevent this from occurring by taking advantage of the City of Toronto’s Basement Flooding Protection Subsidy. This work could include installing a backwater valve or a sump pump and capping or cutting the home’s storm sewer or connection to an external weeping tile.
Incentive: Up to $3400.
GREEN YOUR HOME
Submit an application for the Canada Greener Homes Loan to make your home energy-efficient and comfortable, with an interest-free loan. Simply have an energy advisor assist with an assessment and review your loan application first.
Incentive: Up to $40K
GREEN OR COOL YOUR ROOF
Incentives vary depending on the size of your roof, and whether you’re going completely green or making other changes to reduce the impact of heat on your roof. The City of Toronto’s Eco-Roof Incentive is available to support installation. Just ensure that you apply for the grant before doing any work.
Incentive: Up to $100K for Green Roofs; Up to $50K for Cool Roofs.
HEAT PUMPS
There are multiple ways to receive a rebate for installing an electric heat pump. Enbridge offers one through the Government of Canada, and the City of Toronto Home Energy Loan Program members can receive reimbursement depending on certain terms and conditions.
Incentive: Up to $7800 from Enbridge; Up to $2500 from the City of Toronto
HOME ENERGY IMPROVEMENTS
The City of Toronto will also help you with a low-interest loan should you make any of the following eligible improvements (after having your application approved):
- Energy-efficient furnaces
- Energy-efficient windows and doors
- Solar Photovoltaic panels
- Insulation
- And more (just ensure that you apply before making any purchases to guarantee that you’re approved for the loan).
Incentive: Up to $125K.
INSULATION
Upgrading the quality of your current insulation and/or completing new installations where it is beneficial can help you keep costs down in multiple ways. Improved insulation can not only lower your energy costs, but increase comfort and prevent damage from moisture in your attic, walls, exposed floor, and even your foundation.
Incentive: Up to $10K.
And there are more ways to save money, which we’ll detail soon. Come back to this space soon for Part 2!
Are you ready to move to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
Photo by Vivint Solar on Unsplash
