In a previous blog post, we discussed how Toronto homeowners could reduce their utility costs by installing new appliances and making a few minor renovations. With hydro bills being so high in Ontario, there is a high priority for Torontonians to make their homes more energy efficient.
Today we are going to delve into some programs, grants, and incentives, your local and provincial governments have to offer, to help you cut down the costs of upgrading your Toronto home.
Toronto Home Environmental Grants and Incentives
Ontario has pledged to cut greenhouse gas pollution to 15% below 1990 levels by 2020, 37% by 2030 and 80% by 2050. The City of Toronto and Ontario Government has programs in place that provide extra financial assistance with for those making their homes more efficient. If you are deciding to renovate your home, consider taking advantage of the following programs.
Home Energy Loan Program
The Home Energy Loan Program provides some financial assistance for those looking to increase the efficiency of their home during a renovation. These low-interest loans start from as little as 2.0% from the City.
Installing new high-efficiency furnaces, water heaters, toilets, and other various systems are an example of some of the projects that are eligible for this loan.
Eco-Roof Incentive Program
Cool and Green roofs come with great benefits liking cutting energy costs, cutting down greenhouse gas emissions, and improve your air quality. The Eco-Roof Incentive Program can also help cut the cost of installation by up to $100 per square metre of roofing installed.
Green Ontario Fund (this has since been cancelled)
There are several Provincial and municipal programs and rebates homeowners can take advantage of through the Green Ontario Fund. Their goal is to help Ontarians reduce energy use and the emissions that contribute to climate change.
Here are a few current offers that you could take advantage of through this fund:
$100 rebate for installing a smart thermostat
$1600 rebate for making efficiency upgrades throughout your home
$5000 rebate for installing select high-performance windows.
$20,000 for new ground source heat pumps.
GST/HST New Housing (and major renovations) Rebate Program
If you have made significant renovations to your own home or hired a design/build team to construct or substantially renovate your home, you may qualify for the GST/HST New Housing Rebate.
Are You Renovating for a Senior or Someone With a Disability?
If so, there are a few programs and grants you should be aware of.
Provincial Land Tax Deferral Program for Low-Income Seniors and Low-Income Persons with Disabilities. Read more here.
Ontario Senior Homeowners' Property Tax Grant. Read more here.
Get the Most Out of Your Home Renovation
There isn’t a lot that beats experiencing your newly transformed home for the first time. That feeling is only made better when you know you’ve taken advantage of all the offers available to you. For more insight into grants and tax credits you are eligible for, contact your Toronto home renovation expert today.