As homeowners or wannabe homeowners, we’re always looking at ways to save a few dollars here and there.

Did you know the Canada Mortgage and Housing Corporation (CMHC) offers up to 25 per cent back on the CMHC mortgage loan insurance premium when you purchase a green home or make energy-saving improvements to an already existing home?

And that’s a good thing because not only do you save on your insurance but you also end up saving in the long run with lower energy bills. In Canada, running our homes is an expensive proposition, accounting for more than 16 per cent of the total energy consumed. Not only are energy-efficient homes comfier and healthier, they also serve to reduce greenhouse gas emissions and the cost of running your home. Depending on the level of energy efficiency achieved, you could be entitled to a premium refund of either 15 or 25 per cent.

Most new homes qualify for the top refund as they’re generally built under a CMHC-eligible, green building standard. All other homes are assessed using the NRCan EnerGuide Rating System (ERS).

If you are purchasing a condo know that units built to the LEED Canada New Construction standard automatically qualify for a 15 per cent refund. If the building is designed to be either 20 per cent more energy efficient than compliance with the applicable building code, you may be eligible for a 15 per cent refund. If the building is 40 per cent more efficient, you could get a 25 per cent refund.

If you decide to buy and renovate your home, it must be assessed by a Natural Resources Canada (NRCan) qualified energy advisor prior to and after your green home improvements are made. The partial premium refund is based on the level of energy efficiency achieved.

Applications must be submitted within 24 months of the closing date of the mortgage and the supporting energy efficiency documentation must be no more than five years old. NRCan is introducing updates to the EnerGuide rating scale.

For details about the program, including a list of eligible building standards and specifics on the required EnerGuide rating, check out CMHC’s website at www.cmhc.ca/greenhome.

Source: www.cmhc.ca