My job as a
mortgage broker is to help people find the best mortgage for their situation
and to save them money on a mortgage. Here’s one way I help people save money.
As the
stores start to decorate with green hats, rainbows, and other items associated
with St. Patrick’s Day, homeowners and future homebuyers should be thinking
about Green Rebates.
Green Rebates
are financial incentives set up by the province or federal government to
encourage you to save energy or water. Depending on where you live, there can
be significant savings for you, if you are willing to spend money on energy
efficiency or water conservation.
In fact, if
you live in the Town of Banff, Alberta, you would get a free energy efficient
toilet.
I know more
about Alberta so I will concentrate on this province. Green Rebates vary from
province to province, with BC and Quebec offering the most rebates to
individuals, revenue property owners, and companies.
Town of
Banff
Banff residents
can get a $100 post purchase rebate for buying an ENERGY STAR® front loading clothes washer or dishwasher.
Another $100
rebate is available for dual flush or high-efficiency (4.8L or less) toilets. I
have seen dual flush toilets at Costco for $84 plus tax. In effect, you could
end up with a free toilet.
Also, Banff
offers a rain barrel rebate of $25.
City of
Lethbridge
Purchase a
Sunridge Development high-efficiency home and get a $2,500 rebate for Silver labeled
homes and a $3,500 for Gold labeled homes.
City of
Calgary
Purchase a
dual flush WaterSense toilet and get a $50 rebate.
British
Columbia
If you are
building a multi-unit residential building, BC will provide free access to an
Energy Advisor who will give you advice on building an energy efficient
structure.
Quebec
Replace your
residential water tank with a tankless water heater and Quebec will give you a
$250 rebate.
Canada-Wide
Energy Rebates
Now I will
tell you about a little known program available to those who purchased their homes
with less than 20% and insured with CMHC, Genworth, or Canada Guaranty. If your home is designated “Energy Efficient”
by a CMHC approved builder, you can get 10% of your CMHC premium back. As most
people are paying about $13,000 in fees today, $1,300 is a significant refund.
Here is the
part that most people do not know. If you decide to make your home more energy
efficient by replacing the furnace, windows, roof, or install more insulation,
you still qualify for this rebate even if you do this 2, 4 or 8 years after you
purchase your home. Get more information on this program and how to qualify by
following this link:
This program
is also available through Genworth and Canada Guaranty.
For more
information and links to your provincial programs check out this link:
