Today, the Government of Canada and the Federation of Canadian Municipalities (FCM) announced funding of up to $14.6 million to support the City of Toronto’s Home Energy Loan Program (HELP).
Through FCM’s Community Efficiency Financing initiative, which is funded by the federal government, the City is eligible for a loan of up to $9,712,000 and a grant of up to $4,856,000. The funding will help Toronto homeowners undertake home energy efficiency retrofits and support the local economy.
Through HELP, which was launched in 2014, the City offers low-interest loans to help homeowners make their homes more energy efficient and reduce greenhouse gas emissions. This supports the City’s TransformTO climate action strategy and net-zero emissions target.
To achieve that target, existing homes in Toronto will need to be retrofitted to net zero emissions by no later than 2050, or sooner, if possible. Homes and buildings are the largest source of emissions in Toronto, accounting for about 55 per cent of total community-wide emissions.
Current home energy improvements eligible for financing through HELP include insulation, windows, more efficient heating and cooling systems (e.g. heat pumps), and rooftop solar.
Community-wide greenhouse gas (GHG) emissions must be cut in half in the next 10 years to achieve the City’s 2030 target of a 65 per cent reduction, based on 1990 levels. To reach net zero by 2050, all emissions must be eliminated.
“Reaching the net-zero emissions target in the coming years will be a significant challenge, one that will require the support and commitment of all levels of government. I thank the Government of Canada and the Federation of Canadian Municipalities for this investment that will help us meet that challenge.”
– Mayor John Tory
“This funding will help the City expand its Home Energy Loan Program, finance even deeper home energy retrofits, and support even more Toronto homeowners – all of which will lead to a healthier, more resilient Toronto.”
– Councillor Jennifer McKelvie (Scarborough—Rouge Park), Chair of the Infrastructure and Environment Committee
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