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Looking into Green Living
By Cassandra_BHM | July 29, 2011
Green living in Canada is one of the major trends of today and this is seen not only in health and fitness but in homes and offices as well. Fluorescent lights are now being replaced with CFL and LED bulbs. Organic fruits and vegetables can now be harvested from home gardens. People are more educated on their purchases and are choosing wisely. Anything natural is definitely better than processed or synthetic ingredients and materials.
Financial institutions in Canada such as banks and loaning companies have seen the change in lifestyle of their customers. Just like any wise businessman, company owners have adjusted their services to accommodate the new tastes and preferences of their clients. To respond to this, banks now offer green mortgages where customers are encouraged to choose environment-friendly products and upgrade their homes to accommodate more green living.
Surveys showed that Canadians are truly interested in minimizing their carbon footprint and all that but buying or upgrading to a green home also means saving money. This is not a surprise since utilities expense are one of the biggest costs that families incur every day. Spending on replacement of doors, windows and the furnace can also help in reducing energy consumption, thus, lowering the electric bill.
A very visible participation of the federal government also contributed to this shift in purchasing and lifestyle. The ecoENERGY Retrofit Program offers grants up to a value of $5000 to aid homeowners in transforming their homes into an energy-efficient place to live in. Not only that, this program also supports commercial and institutional buildings and industrial facilities in their energy-saving projects. The government wants to unite its citizens in achieving the goal of a cleaner environment for Canada.
Homebuyers are now willing to spend up to $10,000 for a greener home, one that is Energy Star Certified. Owners are now more educated and aware of the changes they have to do in their home. They coordinate with banks to see what promotions and incentives they can avail of to aid in their green upgrades.
Most of Canada’s big banks are now offering green mortgages and along with these are some features like a rate discount. Clients can get 1% off the posted interest rate for a five-year fixed rate mortgage. Amortization up to 35 years is also provided by some banks. If homeowners buy Energy Star qualified products, a 1% rebate will be given on the amount of mortgage.
When it comes to loans, there are qualifications that first have to be met by buyers before getting approved by the bank. Their homes must meet green energy standards or at least they have a clear presented plan of upgrading some of their homes’ features for greener living.
The benefits mentioned above are just a few that homeowners can enjoy. More than anything, the important thing is that anyone can do small changes to contribute to a cleaner and greener environment. The secondary benefit of this social responsibility is more savings for the whole family.
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