Making your home more energy efficient is an expense that you can feel good about. It will help you save money down the road, make your home more comfortable and contribute to environmental sustainability by reducing your "carbon footprint." You may also add to the resale value of your home by as much as 5-10%.
Begin with an audit
If you’re considering making any energy efficiency improvements to your home you should start with an energy audit. During an audit, an energy advisor comes to your home and conducts a thorough, on-site inspection. You get a personalized report on your home’s energy rating and a checklist of unique opportunities to make your home more energy efficient. You can use this list to help decide which changes you’ll make which ones to tackle first.
Energy efficient upgrades
Your home energy audit will point to many types of eco-improvements you might want to consider, ranging from fairly quick fixes to a comprehensive home renovation.
Install water saving fixtures. It’s easy to reduce water use by installing aerated shower heads and faucets. Low-flow or dual-flush toilets use 80% less water than a regular toilet. Check whether your municipality offers a rebate for water-conservation upgrades.
Switch to energy-efficient appliances. Appliances that are more than 10 years old are electricity gobblers. By trading, say, a 12-year old washer and dryer for energy-efficient models with the Energy Star® label, you could save 928 kilo-Watt hours (kWh) of electricity each year.
Upgrade heating and hot water systems. Heating accounts for about 67% of household energy use, so it makes sense to ensure furnaces are efficient and in good working order. Heating, cooling and water heating equipment has seen many dramatic improvements in recent years. A high-efficiency furnace, for example, could save as much as $670 a year.
Increase the insulation. Topping up attic insulation to the recommended 10-12 inches and ensuring that walls are properly insulated helps keep the heat in and cold air out.
Replace windows and doors. Upgrading to double- or triple-pane windows and patio doors could save you $250 a year in energy costs. Combine with some simple draft-proofing techniques, and you’ll more than double those savings.
Financially efficient
The report also tells you the grant amount available for each retrofit you complete — up to a total of $5,000 per home — under the ecoENERGY Retrofit program from the Office of Energy Efficiency of Natural Resources Canada (NRCan).
You may also be eligible to receive other grants from your municipality or your provincial government. Contact your local government (provincial or municipal) or check their websites to see if there are programs or rewards that will save you money as you make your home more energy efficient. Rebates from manufacturers and utility companies could also add hundreds of dollars in additional savings.
It may surprise you to learn that there’s a new mortgage that can actually help you start on the road to making your home more energy efficient.
A mortgage that helps
The RBC Energy Saver Mortgage provides the support you need to make environmentally friendly renovations. What makes this mortgage an energy saver? It gives you a $300 rebate† on a home energy audit. It also has all the flexibility you’re looking for in a mortgage. You can:
- Choose a fixed rate for a term of three years or more, or a 5-year variable rate with closed terms.
- Choose a residential mortgage or an RBC Homeline Plan®.
- Use it to refinance an existing mortgage, purchase a home or make improvements to resale properties.
Visit our Mortgage Centre online to learn about your financing options, or visit your branch to discuss your plans in person with an RBC Credit Specialist.
† Available on residential mortgages, both purchases and re-finances including the RBC Homeline Plan with a minimum term of three years fixed closed or five-year variable closed. This offer is available from September 1, 2008 until further notice. Offer may be withdrawn at any time. The minimum mortgage amount must be $25,000. Cannot be combined with any other offer. Audit must be completed within 90 days of mortgage advance and submitted within 120 days of mortgage advance for refund. Amount of rebate will be the actual invoiced amount of the home energy audit, up to the maximum amount of $300.00.
® The ENERGY STAR name and the ENERGY STAR symbol are registered trademarks of the United States Environmental Protection Agency and are used with permission.
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