In Calgary, repayments for the Clean Energy Improvement Program (CEIP) are handled through a property-assessed financing model. This means that instead of making traditional monthly payments to a bank, you repay the cost of your home upgrades through your municipal property tax bill.
Key details of the repayment process include:
- Tax Bill Integration: Repayments are collected directly through your municipal tax installments over a set period, which can extend up to 20 years.
- Property-Linked Financing: The repayment obligation is attached to the property itself rather than the individual homeowner. If you decide to move, the responsibility for the remaining balance stays with the property.
- Low Interest: The program typically offers 0% interest or low-interest loans, making it an affordable way to finance high-efficiency upgrades like furnaces, heat pumps, and solar panels.
- No Upfront Cost: This method removes the initial cash barrier for energy-efficient improvements, as the costs are spread out over a long-term repayment schedule.
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