How a low interest loan for solar can also net you up to $16,000 in government rebates

The Home Energy Loan Program (HELP) was developed to help Saskatoon homeowners install clean energy retrofits such as home solar power and heat pumps. The HELP lending program offers low-interest loans ranging from $1,000 to $60,000. The purpose of the program is to focus on retrofits that save you the most money on energy by greatly reducing your carbon footprint.

In addition to helping homeowners secure funding for retrofits like home solar, the program also offers rebates which are based on the retrofits you choose to install on your property. You can receive up to $6,000 in rebates for eligible retrofits, with $4,000 available for an air source heat pump and $4,000 specifically for solar installations.

If your home achieves Net Zero status, you will earn an additional $10,000 rebate which is separate from the normal $6,000 cap. This means your total rebate potential for adding clean energy retrofits to your home could reach up to $16,000. This opportunity allows you to finance solar installations and other retrofits with a low-interest loan and recover a significant portion of your investment through rebates.

(HELP) Program Details

HELP offers low-interest loans ranging from $1,000 to $60,000 for eligible projects. The minimum loan amount to participate is $1,000, and while the standard maximum is $40,000, which can be increased to $60,000 if you can demonstrate that your project will cut your home’s energy consumption by 50% or more.

To participate in the program, there is a $500 administration fee, which can be waived for homeowners who can provide proof of low income. When it comes to repayment, you have the flexibility to choose a term that best fits your financial situation, with options for 5, 10, or 20 years. These loans are repaid through property taxes, and interest rates have varied slightly over the past few years:

Are you Eligible?

To qualify for the Home Energy Loan Program (HELP), you must own a single-family residential property within Saskatoon city limits. Eligible properties include detached homes, semi-detached homes, and row housing.

For your home to be eligible for renovations under the HELP program, it must:

• Have no outstanding or delinquent taxes.
• Be a single-family residential home.
• Be located within Saskatoon city limits.
• Be an existing home; new constructions are not eligible.

Additionally, the applicant must:

• Be an individual (not a corporation).
• Be the owner of the home where the upgrades are being installed.
• Be in good standing with all City utility bills, taxes, and other municipal charges.

Even if you’re already enrolled in a property tax deferral program with the City, such as a lead line replacement loan, you can still apply for HELP. However, multi-unit commercial- style condominium buildings are not eligible for this program.

Some Helpful Notes

• A HELP loan is linked to the property, not the homeowner. So if you sell your home
  before the loan is fully paid off, the new owner can take over the remaining
  payments, benefiting from the upgrades made.
• Before you apply for the program, it’s important to confirm that both you and your
  project meet the eligibility requirements and thoroughly review the HELP Program
  Guide.
• If you are looking to make sure your home is Net-Zero ready for the $10,000 bonus
  rebate you should check out the HELP Net-Zero Homes website. Net-Zero status is
  determined by a framework set by the Canadian Home Builders Association
  (CHBA). Going Solar and Installing an air source heat pump are big components in
  their requirements for Net-Zero. You’ll need to make sure to contact a CHBA Net
  Zero professional off this list when you are ready to make the retrofits to your home.
• The application process for HELP involves six key steps. The summary below
  outlines these steps to guide you through the process.

Get the most out of the HELP Program with Solar

If this sounds overwhelming, don’t worry – there is an easy path forward. The first step is to acquire a solar proposal. Solar is the single best way to maximize your rebate, because it will ensure you get at least $4,000 of the $6,000 rebate cap. Installing home solar is also the biggest way to save the most money long term. Most people can cover 90-100% of the costs of their power bills by installing solar, and with new technology solar panels can last between 30 and 40 years, ensuring that you have decades of free power after the system is paid off.

The second step is to file the initial application for the loan and receive an energy audit. The energy audit will help you understand which other retrofits you can make to your property to maximize your rebate amount and save you the most money in the long term in power costs. We recommend adding a heat pump to your solar installation so you can heat your home with free solar electricity and capture the greatest possible rebate amount of up to $6,000. If you want to achieve a Net-Zero property for the $10,000 bonus rebate you’ll also need to contact a CHBA advisor.

Our Solar Specialists and Project Managers can cleanly walk you through the steps of what is required for the program and make sure you maximize the value of the rebate you get back. We’ll also get you started on the vital first step of acquiring a tailor-made solar proposal for your personal energy needs at home.

Schedule a consultation for our solar specialist’s expert guidance here.

For full program details, you may visit the Home Energy Loan Program (HELP) website.

For Net Zero home requirements you may visit the HELP Net Zero Homes webpage.

A list of CHBA Net Zero Professionals can be found here.

XOLAR INC.

Xolar is a full service turn-key platform for transitioning both residential and commercial clients, book a free quote today!

Fast Solar Quote

Recent Posts

Follow Us

Monthly Testimonial

Facebook


Youtube


Instagram


Linkedin

On Key

Related Posts