Solar PV Financing

Green Loans

Some financial institutions now offer special financial packages for energy efficiency improvements. Alterna Savings offers a green loan to be used for energy-efficient assessments and retrofits to homes and businesses. The Alterna Green$aver Improvement Loan will provide accessible short-term financing to residential and commercial clients wanting to upgrade their homes and businesses to be more energy efficient. For details on Alterna Savings, click here.

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Peel & York Region Power PowerHouse Zero-Interest Loan

Part of the Ontario government's $150 million Home Retrofit Initiative. Through the pilot, Hydro One will offer zero-interest loans for qualifying customers installing alternative and renewable energy technologies in their homes. The PowerHouse Loan Program will provide loans for home retrofits that include the installation of solar, geothermal, photovoltaic and wind technologies that generate renewable electricity. Obtaining a PowerHouse Loan will result in substantial savings for qualifying customers. For example, a customer approved for a four-year loan of $35,000 at 9% interest stands to save an estimated $6,500 over the life of the loan. The province is providing $1.1 million to fund the program.

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Hydro One will announce the cooperating financial institution for the pilot this summer. With a financial institution in place, 175,000 Hydro One Networks customers in Brampton, Caledon and parts of York Region will become eligible to apply for the PowerHouse loan. Capital investments of $2,000 or more will be eligible for zero-percent financing.

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With a PowerHouse loan, itâ€â„¢s now easier to buy and install a renewable energy system for your home. This unique pilot program is brought to you by Enersource Hydro Mississauga, Hydro One Networks and Hydro One Brampton Networks, with funding from the Ontario Ministry of Energy. To qualify for a PowerHouse zero-interest loan or rebate you must:
â€Â¢ Be a customer of Enersource Hydro Mississauga, Hydro One Networks or Hydro One Brampton Networks with the intent to install a renewable system in a home in Brampton, Mississauga, Caledon, or parts of York Region (King Township, East Gwillimbury, Georgina or Whitchurch-Stouffville)
â€Â¢ Submit a PowerHouse loan or rebate application through your utility

â€Â¢ Purchase an eligible renewable technology
â€Â¢ Have the installation completed by
February 15, 2009

Zero-interest loans are available to qualified customers from a major financial institution selected by the participating utilities.
â€Â¢ $2,000 to $5,000 up to 3 year repayment term
â€Â¢ $5,001 to $20,000 2 to 5 year repayment term
â€Â¢ $20,001 to $50,000 4 to 10 year repayment term

For more information on the PowerHouse program, click here.

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City of Toronto Zero-Interest Loans

Funded by the Toronto Energy Conservation Fund (TECF), and the Toronto Green Energy Fund (TGEF). The program will fund to a maximum 49% of the project costs, with the amount available; $50,000 to $1,000,000. The repayment term is negotiable; based in part on expected energy cost savings resulting from the project to a maximum of 20 years. There is no deadline for applications; however, the total amount of financing available each year is limited. In 2008, $6 million is available through the TECF and $3 million is available through the TGEF. For the Toronto Green Energy Fund, click here.

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Leasing Options

Rumble Energy offers a solar leasing program for Ontario residents. The program offers fixed monthly lease payments for terms that are dependent on the client needs and amount. Ontario residents wishing to install solar PV and solar water heater systems could be entitled to substantial tax and other benefits through leasing, in conjunction with their participation in Ontario's Standard Offer program. Equipment leasing is an affordable way to absorb the large capital cost of renewable systems. When using an equipment leasing program the renewable system is a 100% tax deduction, as well the owner does not have to carry the weight of a line of credit for the system.

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Toronto Solar Neighbourhoods Incentive

This municipal matching rebate or zero interest financing incentive is available to qualifying homeowners in Ward 30, Toronto's south Riverdale neighbourhood for a limited time only. If you purchase your solar thermal system outright, Solar Neighbourhoods will match the $1,000 incentive available from the federal and provincial governments for a total incentive of $2,000. If you prefer to pay over time, Solar Neighbourhoods will provide zero interest financing and a $500 incentive. You still receive the federal and provincial payments for a total incentive of $1,500 plus no cost financing. For more information, click here.

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EcoENERGY for Renewable Heat

EcoENERGY for Renewable Heat will offer an incentive to purchasers of solar heating systems in the industrial, commercial and institutional sectors. The incentive will be set at 25 percent of the purchase provincially, with an additional 25 percent federally, installation and certain other costs of a qualifying system. Businesses, industries and public institutions in the industrial, commercial, or institutional sector are eligible. For ore information and details, click here.

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Northern Ontario Heritage Fund

For more information on the Northern Ontario Heritage Fund, click here.

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