A new kind of loan program is waiting for approval from Vancouver city council today. If approved, the program will be a partnership between the city and Vancity credit union and will offer loans to owners of single-family homes who want to undertake home energy efficiency upgrades.
Last week I wrote a blog post about new amendments to the Clean Energy Act that will allow utilities in British Columbia to provide loans to owners and tenants interested in making their properties more energy efficient. Vancouver's financing program would allow loans for upgrades to be repaid through the city's utility billing system on property tax bills, similar to how homeowners pay for the city's water utility.
This kind of financing program has similar benefits to a utility-run financing program, and has the potential to improve the comfort, livability and energy efficiency of homes in Vancouver. It will also help Vancouver meet its target of reducing greenhouse gases and energy use in buildings by 20% by 2020, as well as spurring investment and economic development in the city.
It's good to see another financing program moving forward and here at the Pembina Institute we hope city council will approve the pilot. Hopefully a successful pilot will lead to a permanent program that can also be made accessible to a greater percentage of Vancouverites.
As more details about these programs come to light, it will be important for the province, utilities, the city and Vancity to work together to ensure that the utility-run and city-run programs can work together. This is a great opportunity for each to learn from the other's successes and challenges.
