The Clean Energy Investment Program is a novel financing mechanism for Albertan homeowners who want to finance up to 100% of their energy efficiency improvements, including renewable energy system installations. It offers flexible competitive financing options and makes it easy to pay back via your property’s regular tax bill.
Why go for it?
There are several advantages to installing solar systems on your home’s roof. They include:
- having a reliable energy source
- lowering your utility bill
- enhancing your property value
The CEIP program allows both residential and commercial property owners to take advantage of solar energy. It offers a financing scheme that allows you to enjoy the benefits of renewable power right now with minimal personal liability since it is:
- Linked to the property, not yourself.
If the home is sold, the new owner takes on the repayment through the property tax bill while enjoying all of the benefits of an independent energy source. You could be required to pay off the balance owing at the time of sale in certain situations (such as a condition of sale).
The program enables municipalities to finance projects at low-interest rates with long repayment terms (up to twenty years depending on the project type and the municipality’s terms), and the loan may be repaid at any time.
Is the CEIP program available in Calgary?
According to their official website, the City of Calgary plans to open the CEIP application process to residents in the fall 2022,. Alberta’s first municipality debuted in late 2021, with additional markets following every few months. It is now available in Devon, Leduc, Rocky Mountain House, and Edmonton. The city of Calgary, for example, has already passed an applicable bylaw and may go through the procedure of launching their Clean Energy Improvement Program for residential property owners.
How does the program work for residential property owners?
The Clean Energy Improvement Program is a new financing option for energy efficiency and renewable energy projects. The feature that sets it apart is that the project financing is linked to the property rather than the owner, and the repayment is made on your regular property tax bill. So, if the home is sold, the new owner assumes responsibility together with all the benefits the solar system provides.
- Access competitive interest rates.
- Enjoy long repayment terms (up to twenty years for some upgrades).
- Pay off the project’s balance at any time.
Residential owners can choose from several upgrades, and solar panel installation is one of the most significant ones.
What are the requirements to get financing for Solar PV?
The Clean Energy Improvement Program provides financial incentives for solar PV installations that meet the following criteria:
- Solar systems must be grid-connected and in compliance with the Government of Alberta’s Micro-generation regulations and amendments.
- All PV modules and solar components must be certified by the Canadian Standards Association and UL recognized.
- All materials must be brand new and not previously utilized.
- A “large micro-generation” project or a project with a capacity of more than 150 KW needs operational procedures at the time of installation.
- Modules must have a twenty-five-year power performance and a ten-year manufacturing warranty from the time they are in service.
- The warranty for inventors and microinverters must be ten years from the time of installation.
- The Qualified Contractor must provide you with a warranty for any defects in materials and labor for at least 1 year.
On the official website of the CEIP program, you may learn more about the documents required for application.
You should also be ready for the additional terms and conditions, which are yet to be determined. After the Calgary Clean Energy Improvement Program’s launch further information will become available.
One more perk:)
Calgarians who would like to participate in the CEIP program can also apply for the Canada Greener Homes Grant, which helps pay for NRCAN Energy Audits. The grant includes $5,000 for energy efficiency projects, so if you have a small project, you may receive 100% of the money.
Read our recent blog article explaining the application process and criteria for the Canada Greener Homes grant.