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Home Energy Loan Program (HELP) Pilot

From the City of Toronto Website:

Background

In July 2013, Toronto City Council unanimously approved a $20 million pilot water and energy efficiency program for improvements to private residential properties. Read more about City Council’s decision.

The single-family residential program is called the Home Energy Loan Program (HELP). Information about the multi-residential program can be found here.

 

What is HELP?

HELP is a new financing tool offered by the City of Toronto to help you improve your home’s energy efficiency and save money.

Upgrading your insulation and replacing an old furnace are examples of cost-effective improvements – also called retrofits – that can cut your energy bills, improve home comfort and reduce harmful emissions to the environment. For many people, however, the high upfront cost of these improvements can be a barrier to taking action.

HELP offers a solution. Low interest loans are available to qualifying homeowners who are interested in improving the energy and water efficiency of their home. Through HELP, the City will provide the funding required to complete the improvements and the homeowner will repay the City over time through installments on their property tax bill.

The potential savings you may realize after completing your home energy retrofit will help to offset the cost of your monthly repayments to the City. And by making your home more energy efficient, you will be better protected against rising energy costs.

How it works

HELP provides an alternative to traditional financing. A homeowner voluntarily applies to the City’s Program and enters into an agreement with the City to undertake qualifying energy efficiency and water conservation improvements.

The City then imposes a special charge – equal to the cost of the improvements, plus interest and an administrative charge incurred by the City – on the participating property.

Payments to the City are then made over a period of up to 15 years as a special charge indicated on the property tax bill. The payment obligation attaches to the property, not the owner, and is secured by the City’s priority lien status. If a property changes ownership, the new owner would assume the financial obligation and continue to make payments to the City until the special charge is fully paid.

For more information on HELP, please click here.