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The-Mortgage-Gal

Renovations for rebates

Continuing with the renovation theme from last week, Fortis and Hydro have teamed up to provide a variety of rebates and offers.  

There are a couple of incentive programs available for renovations done to make your home more energy efficient. Here are a few of them:

Energy Assistance Conservation Program
This is a program to improve the energy efficiency and comfort of your home free of charge. BC Hydro & Fortis with the Energy Conservation Assistance Program (ECAP) provide income qualified account holders with a free home energy assessment.

Home Energy Rebate Offer up to $5300
Rebates are available for insulation, ventilation, and water and space heating upgrades. With an EnerGuide evaluation before and after the improvements you may qualify for another $500 -$750.

New Home Program up to $2000
Receive up to $2000 in incentives when you build an ENERGY STAR new home.

Combined Space and Water Heating System Pilot up to $1800
Replace both your water heater and furnace with one combined system and save up to $1800.

Energy Star Water Heater program up to $1000
Replace your old hot water heater with a qualifying natural gas Energy Star model and you could save energy, and qualify for up to $1000 in a rebate.

All of these renovations can be included in your existing mortgage, and either financed before completion if you have enough equity in your property, or after the improvements have been made.

It is important to talk to your existing mortgage lender to find out if there would be a penalty, or if the mortgage can be increased and the rate blended. Some lenders will allow a home equity line of credit to be registered behind their mortgage is second position. This is a good option as the payments are interest-only. and the credit line is fully open for repayment.

For more details on these programs visit: Renovation rebates and savings from Fortis  & BC Hydro or call us at 250.862.1806 or email [email protected]



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About the Author

Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit:
http://www.okanaganmortgages.com

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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