Retrofits and Financing

It's been a busy past few months with bathroom renovations and gardening (details on future posts), but we have finally started making some decisions regarding our energy upgrades! We want to get our installations completed prior to June 30, 2010, after which we will have to pay the PST portion of the HST. We were lucky to have our ecoENERGY audit completed prior to March 31, at which time the program officially ended for those who had not yet had an audit completed. Fortunately, LiveSmart BC is offering rebates for audits done after April 1, 2010 and for work completed prior March 31, 2011.

In April we had a representative of Canadian Aerothermal visit our home and provide a quote on a ductless heat pump system. Since we will be upgrading from baseboard heat and have no ducting in the house, a traditional air source heat pump isn't an option for us. We will be having a quote on insultation for the crawl-space, walls and attic/roof completed in May, and will then seek some pricing on new windows and doors. We've already installed a low flow toilet as part of our downstairs bathroom renovation, and will do general air sealing with a low VOC sealant that is recognized by LEED. We will also be looking at the possibility of a solar hot water system, although due to our lack of insulation and the old baseboard heaters, we will receive better energy efficiency and a more favourable ROI with the other retrofits. Budget will determine how far we go.

In order to pay for all of these items, we're likely looking at a minimum investment of $10,000. We've explored a few options. Canada Trust currently offers prime plus 3.5% through Canadian Aerothermal. VanCity is offering their Bright Ideas Loan, which is prime plus 1%. Finally, there's a unique option offered through ecoEquity Canada, where they will provide the funds to pay for a variety of green retrofits, including water recycling, and will then lease the systems back to you with the option to purchase at the end of the lease term. Their posted rate is higher, prime plus 7.5%, but you don't require a credit check and home ownership is key requirement. We're going to weigh our options over the next week and hopefully make a decision before the end of May.