Those looking to make their home or business more energy-efficient will now have access to low-interest loans through the Yukon government’s Better Buildings program.
The program was announced on Oct. 25, with loans of up to 25 per cent of the property’s assessed value — to a maximum of $50,000 for residential and $100,000 for commercial buildings — for upgrades that bring down energy consumption of the structure.
The loans are offered at the Bank of Canada interest rate, the lowest rate available in the country. On Oct. 26, that rate was listed at 3.75 per cent. Approved applicants must also pay a one-time $500 administration fee.
The amounts are repaid by property owners through a local improvement charge added to their annual property tax bill, which means residents must live in a municipality that has signed on to the program or on a rural property outside a municipality where property taxes are administered through the Yukon government.
So far, Haines Junction is signed on to be the first municipality to offer it with Watson Lake and Whitehorse committing to the program. That leaves another five municipalities to commit or sign on to it.
“The Better Buildings program will provide Yukoners and Yukon businesses with the support they need to make energy retrofits to their homes and buildings,” Community Services Minister Richard Mostyn said.
“I thank the Association of Yukon Communities for their support of this initiative. The program is now available to rural property owners and I’m very pleased to see the Village of Haines Junction be the first municipality to participate in the program. We look forward to signing agreements with more Yukon municipalities to make the Better Buildings program available to Yukoners in those communities too.”
Energy, Mines and Resources Minister John Streicker described the program as a more accessible and affordable way to complete energy retrofits on buildings.
“These upgrades will reduce greenhouse gas emissions, protect owners against rising energy costs and improve a home or building’s longevity and value,” he said.
“The Better Buildings program is another tool for reaching the Our Clean Future target of retrofitting 2,000 residential, commercial and institutional buildings by 2030.”
Details on how to apply for the loan are available on the Yukon government website.
Contact Stephanie Waddell at stephanie.waddell@yukon-news.com