Should you refinance to make your home more energy efficient?

February 3, 2009

Refinance to make your home more energy efficient makes sense

The 2009 budget offers home owners up to $1,350 tax credit for energy efficient home improvements.

Here are the reasons:

* As part of the 2009 budget your client may qualify for the Home Renovation Tax Credit (HRTC) of up to $1,350 for renovations completed within the next 12 months.
* You can get a 10% rebate on the mortgage insurance premium if you refinance you home to make it more energy efficient?  Plus, the extended amortization without surcharge may be available to your client.  Note: this rebate also applies to customers who purchase an energy efficient home

* In addition to the 10% rebate, you may be eligible for additional federal and provincial grants of up to $10,000 under the Canada ecoEnergy Retrofit grant

Additional benefits of the above programs:

* Energy efficient improvements are attractive because they offer lower monthly utility bills
* This translates into income for you, allowing you to free up income to qualify or buy a more expensive home (increasing their borrowing power)
* You’ll increase the resale value of you home — an official EnerGuide label proves you’ve done the work

Details on the renovation tax credit.

Kindly contact me (Elsie Tse) at 604-716-3369 or Email Me 

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