The Home Energy Loan Program through EcoStar Insulation
HELP (Home Energy Loan Program) is a financial assistance program from the City of Toronto to assist homeowners with improving home energy efficiency, and ultimately saving money. For some homeowners, this could involve replacing an old furnace or upgrading the home insulation. Both of these retrofits will improve energy efficiency, reduce seasonal energy bills, and lessen the harmful emissions associated with energy usage.
HELP has been designed for city residents who find the upfront cost of energy retrofits to be unaffordable. As such, the loan program offers a solution - low interest loans so that homeowners can make the necessary improvements to enhance home energy efficiency. Homeowners must qualify for the program, and reimbursement to the City of Toronto is comfortably amortized into regular payments right on the Property Tax Bill.
Benefits of the Home Energy Loan Program
- Loans offset the upfront cost of making specific home energy improvements
- The financing program is directly tied to the tax bill - and not the homeowner
- Loan amounts can be paid off in total at any time, without incurring a penalty
- HELP has low interest rates and long payback periods (better than traditional)
How the actual financing program operates
The Home Energy Loan Program is simply a better alternative than traditional bank financing. A homeowner applies to the City of Toronto and enters into an agreement to make certain home energy improvements. The City of Toronto imposes a levy (equal to the cost of improvements) on the property in question. In addition to the levy, there are interest and administrative charges.
The repayment plan to the City of Toronto has a 15-year payback period, and will appear as a special entry on the regular Property Tax Bill. What’s important is that the repayment program is tied to the property itself, and NOT to the property owner. If a property changes ownership, the new owner will assume responsibility for the loan, and continue with the payback program.
As for options on energy retrofitting, the best returns-on-investment would come from such improvements as air sealing and home insulation. These kinds of improvements will provide an amount of annual utility savings throughout the year that can offset the payback installments. Everything from weather stripping to insulation will have a measurable effect on savings.
Retrofitting with EcoStar Insulation
EcoStar Insulation will recommend the best retrofit options for the job, using the highest quality products, along with superior installation work. Home energy retrofits are recommended to suit the needs of the homeowner, to deliver long lasting performance, and to provide the very best return-on-investment. With EcoStar, manufacturer’s product warranties assure homeowners of complete satisfaction, both short term and long term.
EcoStar Insulation strives for total customer satisfaction, with post-installation service, and a firm commitment to resolving issues and concerns. Every installation meets the standards of the National Building Code and everything is installed according to the manufacturer’s specifications. For customers in the Greater Toronto Area, EcoStar can be reached by calling 1.866.789.1536 or by visiting the website at www.ecostarinsulation.ca .