In a news release issued Thursday, the City said homeowners will be able to access the loans for terms of up to 15 years, with 20-year terms available for retrofits that include rooftop solar PV, geothermal, new windows and electric heat pumps.
Homeowners will also be able to access incentives for specific measures including electric heat pumps, rooftop solar, and deep retrofits.“Currently, homes and buildings are the largest sources of emissions in Toronto, generating approximately 57 per cent of total community-wide emissions, primarily from the burning of fossil fuels for heating and hot water,” the statement said.
The federal government provided funding to build on the program, including a loan of up to $9.712 million to fund the zero-interest loans and a grant of up to $4.856 million. A portion of the funding will go towards developing training, education and resources for homeowners, contractors and industry stakeholders, the statement said.
The zero-interest loans and incentives will be available until the funding is used, at which point low-interest loans will still be available, the City said.
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