You’ve likely heard about the federal government tax incentives being offered for home renovations during the current economic uncertainty, but now there’s more. I’m pleased to say we’ve recently expanded the ecoENERGY Retrofit – Homes Program, taking even more of the hesitation out of deciding to spend money on your house.
Effective April 1, our government has added another $300 million to the two-year –old program so that more people can take advantage of the benefits. In addition, homeowners can keep more money in their pockets as the value of the grants is increasing by 25 per cent. If you need a new furnace, for example, the amount available has increased $625 from $500.
You can receive up to $5,000 toward energy-efficient upgrades to your home. Air-sealing windows and doors, replacing furnaces and water-heaters, upgrading insulation or installing low-flush toilets all qualify under the program. And not only does the program provide grants; it will also help conserve energy, protecting the environment and reducing the amount you have to pay each month to heat your home.
The added bonus is that doing work on your home will create new jobs and expand our economy at a time when it is most needed. Across the country, it is estimated the latest changes to the ecoENERGY program will generate about $2.4 billion in economic activity. Your participation can help boost the local economy supporting area contractors, trades people and suppliers.
The ecoENERGY money is available on a first-come, first-served basis so it makes sense to start planning in time to take advantage of the grants. Here’s how it works. The program is open to anyone who owns a low-rise residential property, including single detached and attached homes as well as some small multi-unit residential buildings and apartments. Small semi-commercial/semi-residential buildings, where 50 per cent or more of the floor space is being used as residence, are now included under the revised program.
To be eligible in any category, you still need to have a pre-retrofit evaluation completed by a certified energy advisor which will provide an outline of the upgrades that will improve your homes’ energy efficiency. You then have until March 31, 2011 or 18 months from the date of the report (whichever comes first) to complete the work and have a post-retrofit evaluation. If you’ve already had a pre-evaluation, you will receive grants based on the new rates, as long as there is money left in the pot.
And there’s even more good news. You may have already been encouraged to renovate this year in order to claim the new Home Renovation Tax Credit, another part of our Economic Action plan. You can combine the tax credit, of up to 15 per cent on projects between $1,000 and $10,000, with the ecoENERGY Retrofit and save under both programs. Renovating your home over the next two years is a win-win situation.
If you want to know more, visit www.ecoACTION.gc.ca/homes or call 1-800-622-6232.
Hon. Gerry Ritz is the Member of Parliament for Battlefords-Lloydminster www.gerryritzmp.ca