Green Loan Financing
A Green Loan is an innovative financing mechanism which allows for the
creation of better performing and more comfortable buildings. This mechanism
allows for the installation of higher performance heating systems than
are typically provided in a building. The loan to fund these enhanced systems
is paid back over time by the homeowners. The loan payment is less than
the savings generated by the system.
Over the long term energy efficiency measures provided for in the building
will help ensure long term affordable energy costs for the homeowners.
For this project we have arranged a separate financing package through
Vancity Capital Corporation. This loan covers the capital cost of installing
the geothermal and radiant heating system and will be paid back over a
term of 25 years, a term consistent with a typical mortgage.
The monthly payments of this “Geoexchange Green Loan” are incorporated
into the monthly strata budget, and will be paid by each Strata owner as
part of their monthly fees. It is called a “Green” loan because
the energy cost savings accruing to each strata lot owner will more than
cover the monthly loan payments to purchase the energy cost saving technology.