It pays to buy green: You can now save more money buying an energy efficient home
By Lucas on Jun 23, 2016
The Canada Mortgage and Housing Corporation (CMHC) just announced that it is increasing the premium refunds for energy efficient homes.
“CMHC is committed to fostering energy-efficient housing in Canada,” says Steve Mennill, Senior Vice President, Insurance CMHC. “Improving energy efficiency not only reduces greenhouse gas emissions but also lowers the cost of owning and maintaining a home.”
The Green Home premium refund was introduced in 2004 to encourage buying, building, and renovating to improve energy efficiency. Effective immediately, the refund has increased from 10% to as much as 25% for borrowers who use CMHC-insured financing. The refund percentage depends on the level of energy efficiency achieved.
CMHC is also updating the eligibility requirements to reflect recent changes to the EnerGuide Rating System. CMHC is now the only mortgage insurer that accepts applications for homes that are assessed using either the 0-100 scale or the gigajoule scale.
For more details about the premium refund, click here.
Green home builders
In the spirit of buying and building green homes, let’s take a look at a few new home builders and developers that are striving for top marks in energy efficiency.
Reid’s Heritage Homes
It wouldn’t be a stretch to say that Reid’s Heritage Homes is one of the most dedicated builders when it comes to building energy efficient homes. As part of a national awareness project, Reid’s Heritage Homes built five Net Zero homes in Guelph. The purpose of the project was to prove that energy efficient homes can be built affordably on a community scale.
Homes that are Net Zero produce as much energy as they consume, using a variety of technologies and materials. The homes are now sold, but you can visit LiveNetZero.com to learn more about Net Zero homes.
Mattamy Homes
Heron Park by Mattamy Homes
When the ENERGY STAR program first launched in Ontario, Mattamy Homes was one of the first builders to jump on board. Today, more than 30% of new homes built in the province are ENERGY STAR qualified, which means they are at least 20% more efficient than the Ontario Building Code requires.
This year, Mattamy Homes won the prestigious ENERGY STAR for New Homes Builder of the Year - Large Volume Award at the EnerQuality Awards.
Minto Group
Minto Group was another EnerQuality Awards recipient, taking home Ontario Green Builder of the Year (for the second year in a row). This award goes to the builder that best demonstrates the use of new technologies, innovation when it comes building energy efficient homes, and raises the bar of sustainable design within the new home building industry.
An example of Minto’s creative approach to promoting sustainability is when they launched the Nissan LEAF incentive at Minto Westside in Toronto. Purchasers received a free electric car with the purchase of a parking spot with an electric charging station.
Menkes
At the end of last year, Menkes celebrated the completion of the first LEED Silver home to be built in Halton Hills. The home is located in Menkes’ Enclaves of Upper Canada community, which features 184 ENERGY STAR qualified homes.
“We are very proud to have built Halton’s first LEED Silver home, as well all the homes in The Enclaves of Upper Canada which are ENERGY STAR® homes,” said Steven Menkes, President of Lowrise Residential, Menkes Developments. “The ENERGY STAR® label guarantees that when our customers make what may be the biggest purchases of their lives, they are not only buying homes that are both well-built and will save them money, but also reducing their impact on the environment.”
We hope builders, developers, and industry leaders continue to promote energy efficiency and sustainability with each new development!
