A new program is being introduced in Okotoks to make eco-friendly upgrades more accessible.
The Clean Energy Improvement Program (CEIP) will provide residents with small-interest loans to use for energy efficiency and renewable energy upgrades.
Available only to residential property owners, the program would apply to a wide range of projects including various kinds of insulation, high-efficiency heating, solar PV systems, and lighting solutions.
The projects can range from $3,000-$50,000. with loans carrying a three per cent interest rate.
Environment & Sustainability Coordinator Jinny Toffelmire says the program isn't solely an Okotoks thing.
"The program itself is being administered by Alberta Municipalities, they're working in conjunction with a whole bunch of different communities all over Alberta to launch these programs, The town side of it is the whole financing side."
She says the CEIP loans are tied to the property itself rather than to the individual.
"The program is really unique because the financing is tied to the property rather than the property owner. So the financing stays with the property, if it's sold, so the person who is benefitting from the upgrades done to the home will be the one who will end up paying for them."
Loans from the program are also designed with flexibility in mind.
"The financing for the different eligible upgrades can be up to 100 per cent of the project cost, and the repayment term can be up to 20 years, which is really great that you can take your time to pay it off. We're not all in the same financial situation, so I think that's very helpful," says Toffelmire.
The first 39 projects will get a $500 incentive toward the program cost.
Okotoks' CEIP officially launches on Tuesday, Jan. 23.