Tax Credits and Home Renovation Savings
As of August 2016 homeowners can amass as much as $5,000 in home renovation rebates through the revitalized Home Renovation Rebate program.
If you plan to upgrade your furnace in the next few years, rebates from the Government combined with manufacturer incentives make this the ideal time to make the move. It’s the perfect storm of savings!
Just how much can you save on your furnace upgrade?
- The Home Reno Rebate offers a base rebate of $1,000 when replacing your furnace with a 95% AFUE (high efficiency) furnace.
- Carrier is offering $1,740 in manufacturer rebates until November 15.
- Coleman is offering $1,700 in manufacturer rebates until November 30.
- The Home Reno Rebate offers an additional $150 for air sealing your house.
- The Cool Savings program offered by the Ontario Power Authority gives an additional $650.
You could save $3,540 upgrading your HVAC system alone!
Do all homeowners qualify?
To qualify for the savings you have to:
- Heat your home with a natural gas furnace, propane boiler/furnace, oil furnace or wood stove.
- Own a detached, semi-detached, town house or mobile home.
- Live in one of major utility service areas (you can find a list under the “how to qualify” heading on the Union Gas website).
- Perform an energy assessment before and after your renovation (fortunately, the Home Reno Rebate includes $500 in rebates for both energy assessments).
- Complete at least 2 eligible renovations.
What else can I get a rebate on?
Basement insulation rebates include:
- $1,250 if you add R23 rated insulation to 100% of the basement.
- $750 if you add R12 rated insulation to 100% of the basement.
Exterior wall insulation rebates include:
- $1,750 to add at least R9 for 100% of the house to achieve a minimum rating of R12.
- $1,250 to add at least R3.8 to achieve a minimum of R12.
Attic insulation rebates include:
- $500 to increase attic insulation from R12 or less up to R50.
- $500 to increase flat roof insulation by at least R14.
- $250 to increase attic insulation to at least R50 from R13-R25.
Appliance rebates are lucrative too.
Aside from the $1,000 you get for replacing your old furnace with an efficient model, you can also claim $375 for replacing a wood burning system (stove, fireplace) with a more efficient, modern unit.
If you replace your water heater with a high efficiency tanked or higher efficiency tankless water heater, you can earn $500 back.
You can even earn an additional $100 rebate on a smart thermostat from Nest, Honeywell and Ecobee.
However many rebates you qualify for, you max out at rebates of $5,000.
It’s rare for rebates like this to line up with appliance manufacturer rebates, so now is the best time to take action.