Home Energy Retrofit Financing Program
The Home Energy Retrofit $15,000 Loan is a municipal initiative by the City of Nanaimo designed to help residents fund sustainable property improvements. This pilot program provides interest-free loans of up to $15,000, which homeowners repay over a ten-year period through their property taxes. Eligible projects include the installation of heat pumps, solar panels, and insulation upgrades intended to reduce fossil fuel consumption and enhance climate resilience. To participate, applicants must undergo professional EnerGuide evaluations and meet specific income and property value requirements. The city prioritizes applications based on environmental impact and energy efficiency, while also offering financial discounts to assist with initial assessment costs.
Step 1: Register With Nanaimo
Start by reserving your spot on Nanaimo’s list before November 1st.
IMPORTANT! – The Nanaimo Home Energy Loan is CLOSING On October 31, 2026
If you want to get in – you need to Register for a spot today.
Step 2 – Get Quotes from Contractors
Shop for each energy retrofit you have chosen to get written quotes for the equipment and installation along with the terms of service. Do they require a deposit? Is their company on the approved installer list? Check the qualified BC Contractor list.
Step 3 – Apply for the Canada Greener Homes Loan
After you have the Energy Advisor reports, and the Contractor’s Quotes, you are ready to register for the
Step 4 – Complete the Energy Retrofits
After the Loan notifies you that it is approved, then engage the Contractors to complete their install of your qualified energy conserving upgrades. You could line up the job, but do not give the go ahead order until you have the loan confirmed. The work cannot be started before the approval.
Step 5 – Book the Post Energy Evaluation
After the installs are completed, email Airtight Energy to schedule the final home inspection of the qualified renovation. The Energy Advisor will conduct the Post Evaluation, then complete your Post reports that are emailed about 1-2 weeks later.
Step 6 – Request Canada Greener Homes Loan Funding
Log in to your Canada Greener Home Loan online Portal account and select the Request Funding option. You will upload all the final reports and invoice copies to support the completion. The Loan people will notify you by email of the approved loan amount and 10-day time frame for deposit to your bank.
How Much Can I Save On Financing A Heat Pump?
A zero-interest loan should save approximately 1/3 of the borrowed principal when compared to a typical HELOC with a 7% interest rate, according to the Royal Bank’s Loan Calculator. Expect near $800 annual reduction from a 7% HELOC loan to a zero-interest Greener Homes Loan.
For instance, a $20,000 loan to install a cold climate heat pump would require just $2,000 in payments annually over 10 years to repay the $20,000. Since the Greener Homes Loan carries zero interest, the homeowner avoids paying an estimated $7,866 in total interest. In this case, the $786 annual interest savings amount to $7,866 over the 10 years compared to a similar 7% HELOC loan.
Additionally, you can expect a $4,000 heat pump rebate from BC Rebates for Home Renovations. Plus $350 top-up from Nanaimo and RDN. Finally, we can model the estimated annual energy savings with a heat pump for your home after you start a pre-renovation EnerGuide Evaluation with Airtight Energy Advisors.
