Funds Running Short for Green Energy Loans as Carney Urged to Prevent ‘Boom and Bust’

Article from The Energy Mix. Read the full post here: https://www.theenergymix.com/funds-running-short-for-green-energy-loans-as-carney-urged-to-prevent-boom-and-bust/

The Carney government is just a few months away from running out of funds for a signature home retrofit loan program that could be a cornerstone of its effort to cut energy costs and climate pollution and transform the way Canadian businesses operate.

Efficiency Canada is urging the government to recapitalize the Greener Homes Loan Program in its fall budget and turn it into a permanent statutory program, warning that the $600-million top-up it received in the December, 2024 Fall Economic Statement will run out by mid-November in the absence of new funding.

The program offers 10-year, interest-free loans between $5,000 and $40,000 to help cover home retrofit costs like insulation, air sealing, new windows and doors, smart thermostats, efficient space and water heaters, solar panels and inverters, and climate resilience improvements.

“This loan program was part of the promise that has been made to Canadians across two different prime ministers now and on multiple occasions to ensure middle class Canadians have an opportunity to reduce their greenhouse gas emissions and energy costs,” the organization’s senior director of policy strategy, Brendan Haley, told The Energy Mix.

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