Toronto homeowners can borrow up to $125,000 under the Home Energy Loan Program (HELP) to cover the cost of home energy upgrades such as window and door replacements.
Register today to qualify for your renovation rebate!
HELP: Retrofit Your Toronto Home with New Financing Options for Window & Doors
The city of Toronto, alongside the Federal Government of Canada, fully supports and encourages its residents to replace their outdated windows and doors to improve the energy efficiency of their homes by way of the Home Energy Loan Program (HELP) and the Canada Greener Homes Grant initiative. All qualified homeowners can apply for up to $125,000 in interest-free loans and an extra $5,600 in incentives per participant for home evaluations and energy-efficient retrofits through these increased financing choices and activities.
That being said, this article will go on to discuss how the enhanced Home Energy Loan Program (HELP) works and how to take advantage of the program’s various financing options, such as low-interest rates and amortization terms of up to 20 years on qualifying measures, in addition to other government-funded incentive programs that are available to you. To start us off, here are just a few of the benefits you can expect to see from the HELP financing program:
- HELP eliminates the significant initial expense of making home energy upgrades on your doors and windows.
- HELP provides homeowners with a low-interest loan of up to $125,000 towards home energy improvements, with cheaper interest rates and longer payment durations.
- HELP funding is linked to the property and the tax bill, not the homeowner.
- HELP loans can be paid off at any point throughout the loan term with no penalties.
- HELP enables homeowners to take advantage of additional incentives
- HELP can be combined with other energy-saving rebates and incentives, such as the Canada Greener Homes Grant, that are supported by the City of Toronto, the Province of Ontario, the Government of Canada, and utility providers.
About the Home Energy Loan Program (HELP)
On July 7, 2022, the City of Toronto introduced the enhanced Home Energy Loan Program (HELP) with low-interest rates. HELP provides low-interest loans and repayment terms of up to 20 years on qualifying measures to qualified homeowners who want to improve their home’s energy efficiency, in addition to granting them access to utility company rebates.
The city will provide the funding required for completing the improvements through HELP, and the homeowner will reimburse the city over time via monthly installments on their property tax bill. Alternatively, you may pay the outstanding amount without penalty at any time throughout the loan’s term to clear the loan from your property. Insulation upgrades and the replacement of obsolete windows and doors with new energy-efficient products are among the home energy-efficient retrofits eligible through Toronto’s enhanced Home Energy Loan Program.
The Home Energy Loan Program (HELP) presents a practical solution for Toronto residents who want to increase their home’s energy efficiency and savings. This enables qualified homeowners to apply for a low-interest loan of up to $125,000 to cover the cost of home energy-efficiency improvements such as:
- Window and door replacements
- Basement/attic/exterior wall insulation
- Air sealing
- High-efficiency water heaters
- High-efficiency furnaces/boilers/air conditioners
Furthermore, after financing is approved, homeowners can choose the doors and windows supplier and installer to complete the property retrofits as suggested by your EnGuide Advisor. It is critical to understand that the loan repayment is tied to the property, not the owner. This means that if you sell your home before the loan is paid off, the new owner will be responsible for the loan debt and will be required to continue making installments to the city.NOTE: Loan payments made through the property tax bill are evaluated the same as other loan payments, with the same penalties, remedies, and lien priority. Furthermore, the energy retrofit cost savings will be applied to offset the City of Toronto’s monthly payments. Contact homeenergyloan@toronto.ca or visit the HELP website for further information.
Interest Rates and Terms
For Toronto homeowners interested in replacing their homes’ outdated doors and windows, HELP offers fixed interest rates as low as 0% accessible for a limited time and will expire once the financial allocation maximum is reached, along with various repayment choices to meet your needs. For retrofit projects beginning after June 1, 2022, the following pricing and terms apply:
| Terms |
Fixed Interest Rates |
| 5 years | 0% |
| 10 years | 0% |
| 15 years | 0% |
| 20 years** | 0% |
The following rates and terms are effective until September 30, 2022, for projects started before May 31, 2022:
| Terms | Fixed Interest Rates |
| 5 years | 2.58% |
| 10 years | 3.11% |
| 15 years | 3.59% |
| 20 years** | 3.73% |
- An administrative charge of 2% (2%) will be imposed to represent the City’s expense of managing the program.
- The loan value, which includes the financing amount, interest, and an administrative charge, cannot exceed 10% of your property’s current value assessment (CVA), or $125,000, whichever is less.
- Homeowners will pay back the loan through their property tax bill and can pay it off at any time without penalty.
- Interest rates are fixed and will not fluctuate over the term (this applies only to rates and terms effective until September 30, 2022). **
NOTE: New windows and doors, solar PV, geothermal installation, and/or heat pumps are the only projects that qualify for 20-year repayment.
Eligibility
According to the Home Energy Loan Program (HELP) standards, homeowners interested in home energy upgrades such as window and door replacement may qualify for a low-interest loan through HELP if the following criteria are met:
- You own a detached, semi-detached, row, or townhouse, a duplex, triplex, or a residence with up to three stories and fewer than six units (the postal code must begin with an “M”). Strata condo units are now ineligible.
- The initiative has been approved by all property owners on title.
- In the previous three years, there have been no late property tax or utility payments to the city.
- If you have a mortgage on your house, you will get formal clearance from your mortgage lender.
NOTE: If your property is financed, we will provide you with a separate Lender Consent Form.
Application Process – How to Get Started
The Home Energy Loan Program (HELP) allows homeowners to apply directly to the City of Toronto and enter into an agreement to make the necessary or preferred energy home modifications. To apply for the Home Energy Loan Program, follow these 5 easy steps:
Step 1: Complete the Pre-Application Form
When the City receives and accepts your application, we will provide you with a financing offer outlining the maximum amount of HELP that your property is eligible for.
Step 2: Book Your Home Energy Assessment & Funding Request
After completing the application form, you must schedule a home energy evaluation with a Natural Resources Canada-certified Energy Advisor. Then you must calculate the cost of the home energy improvements you want to undertake and submit your financing report to the city.
Step 3: Complete & Sign the Property Owner Agreement (POA)
Once your financing request has been approved by the City, you will be emailed a POA to sign and submit to the City. This is the agreement between the property owner(s) and the City about funding. Once the POA has been accepted by the city, we may offer up to 30% of the funds to help you get your project started.
Step 4: Complete Your Home Energy Improvements and Submit Your Project Completion Report
Once your renovation is completed, schedule a post-retrofit home energy evaluation and new EnerGuide rating with your Energy Advisor. Following that, you must submit a Project Completion Report signed by your Energy Advisor, together with your contractor’s invoices and your new EnerGuide rating label.
Step 5: Repay the Loan Over Time Via Your Property Tax Bill
When your project is finished, the city will notify you when your loan installments begin. You will be enrolled in the city’s Pre-Authorized Tax Payment scheme, and you will reimburse the city in 11 monthly payments during the life of your loan.
IMPORTANT NOTE: For all your door and window installation and replacement needs in Toronto, the licensed professionals at Toronto Doors & Windows can help to facilitate the whole application process when applying for the enhanced Toronto HELP financing program. Contact the specialists at Toronto Doors & Windows now for additional information or assistance with the purchase, installation, or HELP application process!
Contact Toronto Window & Doors for Help with Your HELP Application Today at @647-932-3667
