Here’s how Carney’s $2 billion home retrofit program works

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeEnergyHere's how Carney's $2 billion home retrofit program worksHouseholds below the median income can receive up to $10,000 to switch over, while others can receive $2,000To be eligible for the rebate, the heat pumps must be on the government's ‘eligible products list,’ which has more than 100,000 options. Photo by Submitted/Postmedia filesPrime Minister Mark Carney recently announced a $2 billion rebate program to help Canadians make the switch to using electric heat pumps in their homes, granting as much as $10,000 per household.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountElectric heat pumps transfer heat, unlike traditional heating systems that generate it. It consumes less energy by using electricity more efficiently to heat and cool homes, and also emits fewer greenhouse gases. Heating and cooling is in one system.This advertisement has not loaded yet, but your article continues below.The $2 billion in funding spans eight years and provide rebates to up to 820,000 homeowners installing eligible electric cold climate air source heat pumps.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe government said Canadians making the switch could expect lower energy bills, year-round comfort and reduced emissions. It said the average savings will be more than $1,400 annually for households heating with oil, propane and electric resistance, like electric furnaces or baseboards.It said they can apply apply quickly for the rebate when their existing heating system breaks down and they decide to replace it with a new heat pump system. They can also apply as their existing heating system approaches end of life, and they want to make the transition before a breakdown occurs.To be eligible for the rebate, the heat pumps must be on the government’s ‘eligible products list,’ which has more than 100,000 options.Households below the median income can receive up to $10,000, while others can receive $2,000. No pre- or post-energy audits are required.Only one rebate per person will be issued. For example, if a landlord chooses to install a heat pump in an owned property, that person cannot also receive the rebate for a heat pump installed in their own residence.This advertisement has not loaded yet, but your article continues below.Applications are through an online portal and approvals are within 24 hours. Following the purchase and installation of the pre-approved heat pump, homeowners will submit receipts through the online portal, and payment will be approved within five days.The federal government’s announcement also includes an initiative by the Canada Mortgage and Housing Corporation (CMHC) to help rentals access private financing from approved lenders for retrofits in existing rental buildings.Rather than relying on new direct government spending, CMHC receives insurance premiums and fees for the coverage, typically paid by borrowers.CMHC is expected to support retrofits in up to 250,000 rental housing units over the next eight years.The Canada Infrastructure Bank will also have an initiative, using existing government allocation, that will target up to an additional 30,000 residential units in multi-unit residential buildings, by mobilizing more private sector investment in building retrofits.Meanwhile, the federal government said it will invest nearly $110 million over three years starting in 2027-28 to renew the Deep Retrofit Accelerator Initiative. This funds third-party accelerators that help building owners tackle complex retrofits.The government said the combined measures will support one million home retrofits and reduce Canada’s emissions by over 25 megatonnes, the equivalent of taking nearly eight and a half million cars off our roads for one year.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.