Vancity has proposed a pilot project to offer loans of between $4,000 and $10,000 for energy-efficient retrofits for single-family homes in Vancouver.
The loans are structured to pay for themselves through cost savings achieved by reduced energy use.
On May 26, Vancouver city council will consider the pilot project, which would be set up so that loan payments are made through the city’s utility billing system and property tax bills, prior to being forwarded to Vancity.
Eligible home energy efficiency improvements will include furnace and hot water tank upgrades, attic and wall insulation and weatherization.
If approved, the pilot project will launch this summer and be available to 500 homeowners.
Under the project’s terms, the city will set aside $500,000 and Vancity Community Foundation will contribute $1 million to be held in trust and used as security for up to $5 million in loans from Vancity to qualifying homeowners.
The program will be funded by Vancity with program support from partners, including Natural Resources Canada, Fortis BC, BC Hydro and the provincial government.
Calls to Vancity were not returned by press deadline.
Jenny Wagler
Twitter @JennyWagler_BIV