The Canada Mortgage and Housing Corporation (CMHC) is an important organization dedicated to helping Canadians achieve affordable, sustainable housing.
As electricity costs continue to rise, wouldn’t it be great if there were a way to make residential solar panels more affordable?
Good news, there is!
Through CMHC’s Eco Improvement refund, you can get a quarter of your mortgage insurance premiums back when you upgrade to solar panels. So, if you’re looking to save on energy costs. Obtain energy independence and go green, CMHC’s program might just be the boost you need.
Here’s how this program can help make solar more affordable, why solar is a great choice for homeowners, and how Panel Upgrade Experts can help every step of the way.
CMHC’s Eco Improvement Refund: Making Solar Investment In Calgary Affordable
The CMHC Eco Improvement Refund helps make energy-efficient upgrades like solar panels more affordable for Canadian homeowners by covering 25% of their mortgage insurance premiums.Imagine this: solar panel installations for an average home can range from $10,000 to $20,000, nearly two to four months of the average Canadian household income!
Suppose you’ve paid $6,000 in CMHC insurance premiums; installing solar could qualify you for a $1,500 refund, a 7.5 to 15% coverage of the overall cost!
Combined with other local incentives and rebates, you’ll be cutting down even more significantly.
CMHC Eco Improvement Refund Example
| Item | Example Amount |
|---|---|
| Solar installation cost | $15,000 |
| CMHC insurance premium paid | $6,000 |
| Refund percentage | 25% |
| CMHC refund amount | $1,500 |
| Effective solar cost after refund | $13,500 |
Extra Financial Incentives For Home Solar Panels In Calgary
Besides the CMHC Eco Improvement refund, you’ll also have access to complementary programs to maximize the savings. This includes:
Canada Greener Homes Loan
This separate program offers homeowners interest-free loans up to $40,000 for energy-efficient upgrades, including solar panel installation.
Clean Energy Improvement Program (CEIP)
CEIP offers property owners financing to cover up to 100% of the costs for energy efficiency and renewable energy upgrades, such as solar panel installations. The financing is repaid through the property tax bill, making it an accessible option for homeowners.
Net Metering
Under this agreement, homeowners with solar panels can return any surplus electricity to the grid. In return, they receive credits that offset future electricity costs when their solar system isn’t producing enough power, like at night or on cloudy days.
In Calgary, programs like CEIP and net metering make the CMHC Eco Improvement refund even more valuable. When combined, homeowners can significantly reduce upfront solar costs while spreading repayment over time, which is especially attractive in a city with rising electricity rates and strong solar production.
Why Choose Panel Upgrade Experts?
Of course, you’ll want a trustworthy team to get the job done, right?
That’s where Panel Upgrade Experts come in. We know the ins and outs of the solar installation process and the savings opportunities available, including the CMHC Eco Improvement refund.
Here’s what you can expect from us:
- Personalized Solar Planning: We assess your energy needs and roof setup to tailor a solar plan for your home.
- Expert Installation: Certified professionals ensure careful installation for maximum efficiency and performance.
- Savings Assistance: From rebates to the CMHC refund, we help you take advantage of every opportunity to reduce costs.
- Ongoing Support: Count on us for maintenance and support well beyond installation.
How to Qualify For The CMHC Eco Improvement Solar Refund
Getting started with the Eco Improvement refund is easier than you might think. Here’s a simple guide to walk you through it:
- Consult with Panel Upgrade Experts
Book a consultation with us to discuss your solar options. We’ll evaluate your energy use, roof structure, and sunlight exposure to design a system that fits your home. - Review Financials and Incentives
We’ll give you a clear estimate that includes the potential savings from CMHC’s refund and any other incentives. You’ll see exactly how the Eco Improvement refund helps cut project costs. - Complete the Installation
After you decide on a system, we’ll install it according to Canadian solar standards for safety and efficiency. Remember to keep all paid invoices and installation documents, as they’re essential for the refund application. - Submit Documentation to CMHC
Within two years of your mortgage closing date, submit your Eco Improvement application to CMHC. You don’t need to apply before installing your panels, but all required documentation should be ready within this two-year window. - Receive Your Refund
After CMHC reviews your application, you’ll get the 25% refund on your mortgage insurance premium, which typically takes 2 months.
Benefits Of Solar Panels For Canadian Homeowners
Solar panels offer more than environmental perks; they bring practical benefits to homeowners, too. Here’s what you can look forward to:
- Lower Energy Bills: Generate your own electricity and watch your monthly utility costs go down.
- Reduced Environmental Impact: Solar is a clean, renewable energy source, helping reduce greenhouse gas emissions.
- Increased Home Value: Homes with solar are appealing to buyers and can boost resale value, from 3 to 5% on average.
- Energy Independence: Producing your own energy means less reliance on the grid.
- Minimal Maintenance: Solar panels are low-maintenance and can last over 25 years.
FAQs
Single-family homes and multi-unit properties with CMHC mortgage insurance are eligible.
CMHC typically issues the Eco Improvement refund within 6–8 weeks after approval.
No, maintenance costs don’t impact refund eligibility.
In Alberta, property taxes generally aren’t impacted, but check with your insurance provider, as coverage may vary.
No, the refund is for residential properties only.
Start Saving With Affordable Residential Solar Today!
With CMHC Eco Improvement refund, solar power is more within reach for Canadian homeowners than ever before.
By combining this partial premium refund with other local incentives, you can significantly reduce the upfront cost of going solar, making it a practical choice for more households.
Plus, by investing in solar, you’re also supporting Canada’s sustainability goals: reducing greenhouse gases and moving toward carbon neutrality by 2050.
Don’t take the risk of waiting until 24 months after your mortgage closing date to qualify for the CMHC Eco Improvement partial premium refund.
The long-term benefits of going solar, like lower energy bills and a reduced carbon footprint, is waiting!
Ready for your refund? Contact Panel Upgrade Experts today and kickstart your journey to a sustainable future!