Eco Smart Mortgage

A financial instrument to encourage home energy efficiency


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CA Canada


About the project Edit

The Eco Smart Mortgage is a 5-year fixed closed mortgage that rewards customers for making smart choices for their home and the environment.

To qualify for the BMO Eco Smart Mortgage, homes will need to meet 6 out of 7 features to qualify:

High efficiency heating system
High efficiency air cooling system or no air cooling system
Good quality attic insulation
ENERGY STAR® qualified windows with no cracks or air gaps
ENERGY STAR qualified hot water system or solar or tankless hot water system
ENERGY STAR qualified doors with no cracks or air gaps
At least three ENERGY STAR qualified major appliances

In what ways is this project unique and creative? Edit

What is the social value of this project? Edit

For those who meet BMO’s energy efficiency criteria will qualify for a market leading five year fixed rate of 3.89%, which is a rate significantly lower than comparable green mortgage products. Typically, a homeowner with a $300,000 mortgage amortized over 30 years would save thousands of dollars over the five year on an Eco Smart Mortgage.
This mortgage is designed to encourage homeowners to lower their energy usage, and ultimately reduce the cost of owning a home.

What is the potential of this project to expand and develop? Edit

Homes that qualify, are automatically eligible for a market leading 3.89% mortgage rate from BMO, through the Eco Smart Mortgage.
Since the cost of expenditures is the biggest surprise for households, there is definitely potential for more canadians to contract a mortgage to diminish the long-term costs associated with their home and get big energy savings.

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What is the business model of this project? Edit


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