How will I save money?

The Home Energy Loan Program offers you, the Vancouver homeowner, a solution to make select energy efficiency upgrades (304 kb) to your home in return for lower* energy bills and improved home comfort. The money you save on your energy bills could offset the majority of the energy upgrade costs.

In addition to improved home comfort following upgrades, the average single family or duplex home in Vancouver could save* up to 40 per cent per year on electricity and natural gas bills.

The low fixed rate and 10-year amortization for unsecured Home Energy Loans means that the money you save on your energy bills could significantly offset your loan payments. Once the loan has been paid off in full, you could continue to enjoy savings of up to 40 per cent annually on energy bills (the equivalent of up to $1,100 per year for an average home).

*It's important to keep in mind that savings will vary from home to home. Everyone's home is different in terms of energy efficiency and the impact that upgrades will make. How much money you save depends on the type and number of upgrades you choose to make as part of the Home Energy Loan Program, how warm or cold the winter is, if you increase the number of occupants in your home and your energy consumption habits.

The upgrades that are covered under the Home Energy Loan Program were carefully selected based on research showing the potential for the greatest cost savings on BC Hydro and Fortis BC energy bills for the "average" Vancouver single family home or duplex. Energy savings are estimated based on third-party analysis that aggregated ecoENERGY energy use data collected from 3,000 Vancouver homes in 2008 and 2009.

The program offers the following additional benefits:

• End-to-end support: simplifies the process of undertaking home energy upgrades by connecting homeowners to energy auditors and designated contractors.
• Support in accessing up to $4,000 in grants from the the provincial LiveSmart BC program .
• Guidance on which upgrades will typically result in the most savings.
• Access to a FortisBC grant to offset the cost of a post-renovation verification energy audit (value $150).
• A Direct Install option that connects you through a single phone call to a Better Business Bureau accredited contractor with a minimum 10-year track record of conducting home energy efficiency upgrades. Upon loan approval, the contractor will do all of the required upgrade work to your home and, once you have signed your loan documentation, Vancity will pay the contractor directly on your behalf. You simply approve the work and payment to the contractor and begin to repay the loan.
• Predictable, quarterly loan payments that will be conveniently paid through the City of Vancouver's utility billing system.
• Increase in home comfort as a result of making energy efficiency upgrades.
• Reduction in home's greenhouse gas emissions, which will help Vancouver in its goal of becoming the greenest city in the world by 2020.
• Guidance and support every step of the way.

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