If you think that only loans could help you out in remodeling your home, then you will be happy to know that this is not so. There are other available venues that you can explore for financing your renovation needs, and one of these is through Canadian government grants. Both the federal and regional ranks of the government of Canada are offering these grants to assist families in renovating their homes, especially if energy upgrading is also involved.
The use of energy star-rated products in remodeling your home makes you eligible for the ecoEnergy programs of the government. The ecoEnergy program provides financial assistance to homeowners of single-family homes that include low-rise and multi-unit, semi-detached and detached residential buildings. The Canadian government grants under these programs enable homeowners to compensate for the renovation costs intended to lessen the home's consumption of energy. Started in 2007, this program has already been extended to 2009.
This shows that Canadians are really making use of the incentives that they can get out of this program's special kind of loans. So if you have wanted to renovate your home for so long but did not know where to get the money from, an opportunity is already present for you. All you need to do is get more information about the program and know if you meet the eligibility criteria. Ownership of a single-family home does not make you an automatic candidate for Canadian government grants. There are other criteria that you need to know about and which you have to meet to get your grant approval.
Unlike bank loans that primarily need an exemplary credit score on your part, these grants have special requirements for you to be eligible. Another thing that you need in applying for these grants is an assessment for energy efficiency. This needs to be done by an energy auditor who is certified to do the job. If you have had an energy assessment done on your home before you started the renovation and right after, there is a great chance that you will get as much as $5,000 for your grant.
In addition to this, there are also complimentary programs implemented by Canadian provinces that will match the $5,000 granted by the federal government. As a result, a homeowner whose application for Canadian government grants was approved will be eligible to receive as much as a total of $10,000 for the energy efficiency renovations done on his home. An added bonus to this special type of loan would be the 25 percent reduction on all the costs of renovations done for energy efficiency. A tax credit of as much as $1,350 will also be granted to you the year following the energy efficiency assessment done on your home. This implies an estimated 15 percent tax credit on the part of your home renovations that were made for the improvement of the energy usage in your household. With all these, you will see that government grants are really more beneficial than loans when it comes to financing the renovation of your home.
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Are you planning to renovate your home through the use of Canadian government grants? There are many resources in our site to help you avail of these special kind of government loans.
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