Clean Energy Financing Programs Canada (Updated 2021)
Published by Rylan Urban on June 4, 2020. Last updated March 9, 2021.
There are at least 34 clean energy financing programs currently available across Canada.
All available Canadian clean energy financing programs for the residential sector are listed on this page, including private and public loans, on-bill financing, and PACE programs.
Clean energy financing programs are sorted by province and territory. Start your search by clicking on your province below:
There are very few companies that offer financing for clean energy projects Canada-wide. Be sure to check your own provincial/territorial options after giving this section a quick read!
- Clean Energy Loan – The RBC Energy Saver Loan is available for RBC customers from coast-to-coast when purchasing hybrid cars, ENERGY STAR appliances, renewable energy projects, and more. You can choose between a 1% interest rate reduction or a $100 off of a clean energy audit with your loan.
- Mortgage Loan Rebate – If you’re using a mortgage to buy a certified green home (R-2000, ENERGY STAR, Built Green, LEED, etc), then take advantage of the 25% mortgage loan insurance rebate offered by CMHC, Sagen, and Canada Guaranty.
- PACE Program – The Clean Energy Improvement Program (CEIP) is an home energy efficiency and renewable energy financing program that is paid back through an assessment on your property tax bill. The program is currently available in Canmore, Edmonton, Rocky Mountain House, and others. You can read more on the PACEAlberta website.
- Clean Energy Loan (EQUS) – EQUS currently offers its customers up to $15,000 to finance the cost of a solar photovoltaic system.
- Heat Pump Loan – Both CleanBC Better Homes and FortisBC are offering heat pump loans with interest rates between 0%-4.99%, depending on pump efficiency. Amortization varies from 5-10 years. For a limited time, CleanBC Better Homes is offering an automatic $3,000 rebate on loans for eligible Tier 2 heat pumps installed by June 30, 2021.
- Clean Energy Loan (Vancouver & Area) – The Vancity Planet-Wise Renovation Solutions Loan is a prime + 0.75% with an amortization period of up to 15 years. You can use the loan for insulation, space heating, ventilation, draft proofing, hot water heating, windows, doors, solar pv, and solar thermal systems.
- On-Bill Financing (Nelson) – The City of Nelson’s On-Bill Financing Program allows homeowners to borrow up to $16,000 for energy and water efficiency upgrades. The loan is paid back through their Nelson Hydro electric bill. Loans are approved based purely on payment history and property verification – no personal income or credit information is needed!
- On-Bill Financing (Penticton) – The Penticton Home Energy Loan Program grants loans up to $10,000 to be paid back through your Penticton Electric Utility bill. However, unlike in Nelson, this loan is dependent on your personal credit history.
- On-Bill Financing – The Home Energy Efficiency Loan can be used for a wide variety of energy efficiency and renewable energy projects including windows, doors, insulation, EV chargers, and solar photovoltaic systems. The loan can be up to $7,500 and is repaid through your hydro bill, and the full amount becomes due if you sell your home before the loan is fully repaid.
- On-Bill Financing – The Energy Finance Plan can be used to pay for certain permanent energy upgrades including air source heat pumps up to $5,000. The loan is repaid through your hydro bill, and the full amount becomes due if you sell your home before the loan is fully repaid.
- Clean Energy Loan – The NBTA Credit Union is currently offering Greener Home Loans for certain energy efficiency and renewable energy home projects including windows, insulation, solar pv, and heat pumps. Current rates are being offered at prime + 1%.
Newfoundland and Labrador
- On-Bill Financing (Newfoundland Power) – The Electrical Servicing Financing Plan can be used for a wide variety of energy efficiency upgrades including insulation, thermostats, heat pumps, and service upgrades. Loans are repaid through your hydro bill and can be transferred to a different account if you move.
- On-Bill Financing (NL Hydro) – NL Hydro currently offers Heat Pump and Insulation Financing which can be repaid through your hydro bill and can be transferred to a different account if you move. Rates are currently set at prime + 4%. Financing can be up to $10,000 for a heat pump or up to $2,500 for insulation.
- PACE Program (pending) – In 2018, the NT General Assembly amended their Cities, Towns and Villages Act to make private energy efficiency and renewable energy home projects eligible to be included in local improvement charges. This sets the regulatory foundation for a PACE program, but to date, no municipality has formed one.
- Clean Energy Loans (pending) – In 2018, the Government of NT published a 2030 Energy Strategy that plans for loans and financing to be available for energy efficiency projects by the year 2030, but so far no programs have been put in place.
- PACE Program – The Clean Energy Financing Program is a PACE program administered by Clean Foundation for Bridgewater, Lunenburg, Digby, Barrington, Yarmouth, Amherst, and Cumberland. This loan can be used to fund a wide variety of energy efficiency and renewable energy projects for a financing period of up to 10 years. The loan is attached to your property (not you) and is automatically transferred to the new owners if you move.
- PACE Program (Halifax) – Halifax has its own PACE program called Solar City, but can only be used for solar energy projects. The 10 year, 4.75% fixed interest loan is attached to the property (not you) and is automatically transferred to the new owners if you move.
- PACE Program (Berwick) – The Town of Berwick and Dalhousie University have partnered with Equilibrium Engineering and StorTera of Scotland to offer PACE financing. The Berwick Green Energy Program offers financing at a 4% interest rate for up to 10 years.
- On-Bill Financing – Nova Scotia Power is offering heat pump financing at an interest rate of 7% over a 7-10 year period. It is a lease-to-own plan where at the end of the term of the lease, and the payment of one dollar, ownership is transferred.
- Clean Energy Loan – Efficiency Nova Scotia works with financial lenders to offer financing on approved credit with lower interest rates on energy efficiency upgrades. Lower rates is dependent on an individual case basis. Loans can be up to $25,000 and up to 5 years.
- Forgivable Clean Energy Loan – The Nunavut Housing Corporation currently offers forgivable loans on various energy efficiency home upgrades including structural, heating, electrical, and plumbing upgrades. The loan can be up to $65,000 depending on household income. To be eligible for this funding, your adjusted household income needs to be less than the HPIE limit, which is typically >$158,000 per year.
- PACE Program (Toronto) – Toronto residents can use the Home Energy Loan Program (HELP) to fund a wide variety of energy efficiency and renewable energy projects, including solar hot water systems and rooftop solar panels. The loan is attached to your property (not you) and is paid back through your property tax bill. This means that if you move, the loan will be transferred to the new property owners.
- PACE Program (Guelph) – The City of Guelph may also soon be enacting a PACE program.
Prince Edward Island
- Clean Energy Loan – The province of Prince Edward Island currently offers the Energy Efficiency Loan Program for residents who qualify for efficiencyPEI’s energy efficiency or solar rebate programs. This is a 7-year loan of up to $10,000 at a fixed interest rate of 5%.
- PACE Program (Planned, Stratford & Charlottetown)- PEI has recently made changes to its legislature to allow for PACE programs within the province. The municipalities of Stratford and Charlottetown have recently made an application for PACE funding, and programs may start in 2021.
Unfortunately, we are unable to find any residential clean energy financing programs in Québec.
- PACE Program (Saskatoon) – The City of Saskatoon is currently developing their Home Energy Loan Program (HELP) that would provide loans up to $60,000 over flexible repayment terms of up to 20 years. Eligible projects include solar panels, heat-recovery ventilation systems, insulation upgrades, and more. If approved, the program will be launched in summer 2021.
- PACE Program – Yukon’s version of the PACE program is called the Rural Electrification and Telecommunications Program (RETP). It can be used to fund an alternate energy system (including solar and wind), but it is only available for property owners outside of any municipality. Funding is limited to 25% of the assessed value of the property and has a maximum of $50,000.
- Clean Energy Loan – The Home Repair Program is a loan offered by the Government of Yukon that can be used for energy efficiency upgrades. To access this loan, your household income needs to be less than $103,070 per year.
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