TD Green Mortgages Make Geothermal Heat Pumps An Easy Choice

Green Mortgages help you save money and save the environment by making smarter choices

In a recent survey conducted by EnerQuality Green Building in November 2009, it was discovered that more than 40% of Ontario homeowners are willing to pay up to $10,000 more for a “green” or ENERGY STAR certified home. This is almost double the number from 2008 which showed 22% of homeowners were willing to spend $10,000 more for an “environmentally-friendly” option.

Homeowners recognize the savings of “green” products and a water furnace geothermal system fits the bill providing homeowners not only with peace of mind but annual savings on their home heating, cooling and hot water operation costs.

Thanks to these new “green” mortgages offered by financial institutions like TD CanadaTrust there is more incentive for customers to take advantage of an environmentally-friendly geothermal system.

A typical geothermal system in Ontario costs $24,244 according to a 2010 report by the Canadian GeoExchange Coalition (CGC) and if you have a TD “green” mortgage it makes the choice easy to install geothermal. Whether you are an existing customer of TD CanadaTrust or a new one you can take advantage of the TD “green” mortgage to help pay for your geothermal installation.

The TD “green” mortgage is a two-fold program that gives you a rate discount on your mortgage and a 1% cash rebate. Current 5-year closed rates as of June 15, 2011 on TD CanadaTrust’s website are 5.39% which means qualified homeowners can receive a rate as low as 4.39%. If we assume you have a $250,000 mortgage, TD CanadaTrust will give qualified homeowners a $2,500 cash rebate, and yearly savings on your mortgage of $1,704 because of the lower rate.

Over a 5-year period this is a savings of $11,020 off your mortgage just for installing a geothermal system. If we take into account a potential yearly savings of up to $3,000 in operating costs with geothermal versus traditional heating systems, it means that geothermal can pay for itself in just over 5 years.

Recent government rebates have made geothermal even more popular, but even without rebates geothermal is the easy choice just by taking advantage of these new “green” mortgages. If you have questions call us at 1-888-325-3336