Toronto, ON — Toronto has re-opened its application intake for its Home Energy Loan Program (HELP).
The program offers homeowners up to $125,000 in financing for home energy improvements.
Home energy improvements covered through the program include air-source heat pumps, window/door replacements, insulation (basement, attic, exterior wall), air sealing, geothermal systems, high-efficiency water heaters/furnaces/boilers/air conditioners, tankless water heaters, drain-water heat recovery systems, toilet replacements, solar hot water systems, rooftop solar PV panels, electric vehicle charging stations, and battery storage.
To be eligible, homeowners must:
- Own a detached, semi-detached, or row house in the City of Toronto (the property’s postal code must start with an “M”);
- Consent to participate in the program;
- No more than three instances of a property tax or utility account being 60 days past due in the last three years;
- Obtain written consent from your mortgage lender if applicable.
Once eligible, homeowners must book a home energy assessment before submitting a funding request. From there, homeowners will be sent a property owner agreement and once it has been signed and approved, 30 per cent of the funds will be provided to the homeowners.
After the home energy improvements have been completed, homeowners must submit a final project completion report.
Once the project is completed, the loan repayment begins. Loan repayments will be made through the pre-authorized tax payment program across 11 monthly installments per year over the loan term.
“Processing time from the date of submitting all required program documents to repayment of HELP is approximately 60 days after file closure. Loans are attached to the property rather than the homeowner, meaning if the property is sold, the new owner takes over the loan balance,” according to the press release.