And you can make the savings on home upgrades even BIGGER by taking advantage of the ecoENERGY Retrofit program. In operation since 2007, this federal government program has now been extended to March 31, 2012, with maximum cumulative grants of $5,000.
Here’s how the ecoENERGY grant works. An ecoENERGY Retrofit grant can be used to upgrade heating, cooling, ventilation, hot water, insulation, air sealing, windows/doors/skylights and water conservation in most houses, including four-season recreational properties.
It’s a 4-step process:
1. Register with Natural Resources Canada (NRCan) and receive a registration number.
2. Have a pre-retrofit evaluation done by a local service organization licensed by NRCan.
3. Do the retrofits outlined in the evaluation and keep your receipts.
4. Have a post-retrofit evaluation done by March 31, 2012.
In order to capitalize on your home upgrades, you have to show all your receipts to your energy advisor during the final evaluation to prove that you purchased and installed eligible upgrades after June 6, 2011, and had a pre-retrofit evaluation.
In return for your home upgrade, the maximum cumulative ecoENERGY Retrofit grant is $5,000, which includes all applications you’ve made since April 2007. Once the post-retrofit evaluation on your home upgrade is done, you should receive a grant cheque within 90 days.
And for even greater savings, you can apply for complementary incentive programs in certain provinces.
Like many worthwhile investments, the ecoENERGY Retrofit program requires you to spend money in order to make money.
The good news is that you may be able to fund your improvements with the equity you’ve built up in your home.
If you’re interested, MonsterMortgage.ca would be happy to review your situation to see if you can benefit from refinancing. That home upgrade you’ve been dreaming of is possible! And to top it off – you can receive your grant, even without increasing your mortgage payments!
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