Canadian lenders going green with new line of mortgages
Some major banks and credit unions are starting to offer what they are calling "green mortgages" and "green loans" for energy efficient house purchases and improvements. It is hoped that the green mortgages and loans will make Canada's housing supply more energy efficient reducing some of the 40 per cent of green house gasses emitted by buildings.
"Personally I think it's about time the banks got involved in enviro-friendly products because everyone else is" said Kosta Hatzidimitriou who got a green mortgage from the Citizens Bank of Canada. Hatzidimitriou received a $10, 000 dollar line of credit at prime for energy efficient upgrades on his new three bedroom home. He also received a blue recycling bin filled with $875 dollars worth of information and coupons including a free energy audit, worth $375, to determine what improvements should be made.
Even some of the bigger banks like TD Canada Trust are starting to consider offering green options. Kelly Hechler, spokeswoman for TD Canada Trust, said, "We know there is interest out there. We've seen it in poles we've done of homeowners who say it's becoming an important issue to them". Hatzidimitriou says that his green mortgage has made him rethink his how he will spend money on his house. He plans to spend less on aesthetics like ceramic floors and granite counters in order to put more money into energy efficient changes.
(All cited quotes & figures are from The Vancouver Sun, Sept 4)