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Renovating to Save Money.

General Trish Pigott 3 May

Are you planning on buying an eco-friendly home, or plan to make improvements to your home for energy efficiency purposes? Did you know that there are many incentive programs to support households make these changes?

Under the Low Carbon Economy Leadership Fund, the federal government is helping British Columbians with financial incentives to help households save energy and reduce greenhouse gas emissions by switching to high-efficiency heating equipment. This is a part of the Government of Canada’s plan to achieve carbon neutrality by 2050.

CleanBC Better Homes has many rebate programs to help British Columbia residents make the switch to save energy. Many of these programs have rebates for upgrading heat pumps, insulation, windows/doors, heat pump water heaters and electric service upgrades. Click here to see their many programs to find out what you qualify for. You must apply for the grant before you begin renovating.

There is also the Canada Greener Homes Grant, which is an initiative that provides grants and a loan for EnerGuide evaluations for retrofits. They provide grants from $125 to $5,000 depending on what your home qualifies for, they also provide up to $600 that goes towards the total costs of your pre- and post retrofit EnerGuide evaluations. You must apply for the grant before you begin renovating. You can check your eligibility here.

But did you also know that if you qualified for mortgage insurance, each insurance company has their own program for refunds towards energy efficient upgrades?

At Canada Guaranty, one of Canada’s mortgage insurance companies, they have the Energy-Efficient Advantage Program. The program allows you to qualify for a 25% premium refund for borrowers who are purchasing an energy efficient home or making energy efficient upgrades. This is applicable to all Canada Guaranty mortgage insurance products. Applications for this refund must be submitted within 24 months of the mortgage closing date. Refunds are processed and mailed directly to the homeowner within 30 business days.

Mortgage Insurance Premium Refund Example (25%)

$475,000 Mortgage at 95% LTV Premium Payable*
Standard Premium Amount (95% LTV = Premium rate of 4.00%)

Energy-Efficient Premium Refund (25% of premium amount)

Total New Premium (minus refunded amount)




*For the purpose of this example, the mortgage insurance premium does not include any applicable provincial sales tax.

Find out if you are eligible here.

At Sagen, another Canadian mortgage insurance provider, previously known as Genworth Canada, they have the Energy Efficient Housing Program. The program offers a refund of 25% of the mortgage insurance premium for borrowers purchasing an energy efficient home or making energy-saving renovations. This program is available to all homeowners with Sagen mortgage insurance products. To apply, you can complete the online application or download and mail the document to their headquarters. You can learn more about the program and apply online here.

Lastly, at CMHC, another one of Canada’s mortgage insurance providers, they have the program CMHC Eco Plus. Which again offers 25% of your mortgage insurance premium back. Find out your eligibility here.

If you’re thinking of renovating, or purchasing with improvements, call us today at 604-552-6190. Or you can book a time to chat with Trish here to find out how you can refinance your mortgage to start renovating your home.


Trish & The Primex Team