The city is offering $20-million in low interest loans to encourage single family homeowners to switch to using an electric heat pump to heat and cool their houses.
The , announced Friday by Mayor Olivia Chow and 海角社区官网Hydro CEO Jana Mosley, includes access to a free 海角社区官网Hydro 鈥渆nergy coach鈥 who can answer questions about what it would take to make the swap and what financing and rebates are available, as well as a network of contractors who can install the heat pumps.
As hundreds of thousands of homeowners in 海角社区官网need to replace their furnaces in the coming years, using a heat pump instead 鈥渋s the most impactful single thing we can do to reduce emissions,鈥 said Chow.
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Heat pumps are more energy efficient than a gas furnace and can cost the same or less, depending on natural gas prices, the Star has reported.
Installing one could also reduce a home鈥檚 greenhouse gas emissions by 60 per cent or more, which would aid the city鈥檚 goal of reaching net zero emissions by 2040. More than half the city’s greenhouse gas emissions come from buildings.聽
The funds for the loans were set aside in last year鈥檚 budget, said聽James Nolan, the executive director of the city鈥檚 Environmental and Climate Division. He estimates a typical loan would amount to between $10,000 to $15,000.
The cost of installing a new heat pump might be more than getting a new furnace, but with the low-cost loans and available rebates, including $2,000 from the province, it鈥檚 a 鈥済ood deal,” Chow said.
The program could expand next year to include installation services and incentives for low to moderate income homes, the city said in a press release.聽
Alyshah Hasham is a Toronto-based reporter covering city hall
and municipal politics for the Star. Reach her via email: ahasham@thestar.ca or follow her on
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