The pilot stage of Edmonton’s Clean Energy Improvement Program was fully subscribed within 48 hours of its launch at the end of March, as homeowners raced to benefit from the promise of low-cost financing for climate-friendly improvements like solar panels and insulation upgrades.
Financed by a C$9.6-million loan from the Federation of Canadian Municipalities, and following on the successful Property Assessed Clean Energy (PACE) model, the program allows residential property owners to request up to 100% financing on energy efficiency or renewable energy projects, then repay the low-cost loans through their property tax bills, writes CBC News.
Funding runs from $3,000 to $50,000 per project. The only caveats are that the annual repayment must not exceed the applicant’s annual property tax bill, and the project being financed must be completed within six months.
The average investment in the program was more than double what the program’s designers expected, clocking in at $35,000 rather than the $15,000 they had planned for.
A permanent program could be in the offing once Edmonton assesses the results of the pilot.