Green Lease FAQ
How does the Green Lease work?
ecoEquity will provide 100% of the funds needed to pay for all your energy efficient home or building upgrades by way of a lease agreement that will require you the home or building owner to pay monthly lease payments over a 6, 8 or 10 year period plus an optional buy-out at the end of your lease term equal to ten percent of your original lease amount.
What type of home or building upgrades will you finance?
ecoEquity will finance all your eco-friendly energy efficient upgrades you can make. We work closely with the Federal Government and the Provincial Governments to insure your upgrades qualify for the maximum available grants and rebates. We will finance everything green from new furnaces, new windows and doors, insulation, solar domestic hot water systems, solar photovoltaic electric systems, geothermal heating and cooling systems, high efficiency lighting, co-energy systems, and small scale wind systems. We will also finance rain water recovery systems, green roofs, low flush toilets and low flow shower heads and faucets.
What will you not finance?
ecoEquity will not finance any upgrades that use and or waste energy and increase your carbon footprint. We will not finance hot tubs, driveways, decks, or swimming pools. Sorry but these are just not in our mandate to promote.
What paper work do I need to complete to qualify for the Green Lease?
All ecoEquity needs is for you to complete our one page application form at www.ecoequity.ca/app-form.asp which includes your Name and Address along with your Property Identification Number which can be found at the top right hand corner of your Property Tax Notice and a listing of the eco-friendly products and services you want to purchase for your home upgrade.
What does it take to qualify for a Green Lease?
Provided you are on title to the home or property you want to retrofit then you will be instantly approved for 100% Green Lease.
As a Preferred Partner completing the Green Lease in paper-form what information do we need to provide to ecoEquity in order to process our customers application?
All we need is your Customers contact information, the properties PID Number, a description of the product and services to be financed, and the first and last months lease payments - and of course the signed Lease Contract as well. Once you have this form complete simply fax it to us at 1-866-206-2361 and we will take it from there.
What interest rate do you charge on your Residential Green Leases?
ecoEquity mission is to fight climate change and reduce Canada's greenhouse gas emissions. To do this we want to make your home as energy efficient as possible and as quickly as possible. To that end we provide 100% financing and try to match your monthly lease payment with your anticipated energy savings. To do this we have to keep your monthly payments low by providing you with 6, 8, or 10 year financing and charging a low Prime plus 7.75 % interest rate adjusted annually.
What interest rate do you charge on your Commercial Green Leases?
ecoEquity mission is to fight climate change and reduce Canada's greenhouse gas emissions. To do this we want to make your building as energy efficient as possible and as quickly as possible. To that end we provide 100% financing and try to match your monthly lease payment with your anticipated energy savings. To do this we have to keep your monthly payments low by providing you with 6, 8,10 and in some cases 12 year financing and charging a low Prime plus 13 % interest rate adjusted annually.
Why is your Residential rate lower than your Commercial rate?
All our Green Leases provide 100% funding and are unsecured which means you will not have to pay legal fees and appraisal fees which could total more than $1,000 that a bank would require of you for a secured line of credit or mortgage. Also because we work closely with the Federal and Provincial governments as a Residential customer you can qualify for up-wards of $12,345 in grants and rebates which when received can significantly reduce the cost of your retrofit and your monthly lease payments. Commercial customers can receive similar grants and rebates which we at ecoEquity will insure you apply for - however they are not significant as the ones available to Residential customers and thus make Commercial Green Lease more risky which requires us to charge a higher annual interest rate.
Please explain the 5% increase in lease payments?
The 5.9% annual increases in lease payments allows our Customers monthly payments to start out as low as possible in order to save them the maximum amount from the very beginning; then as energy prices increase, which we all know they will, (energy prices in Alberta have increased an averaged 9% a year over the last 10 years and are estimated to triple in the next 10 years) then our Customers lease payments will increase but at a much lower rate and from a much lower starting point.
How does the buy-out option work?
To keep you monthly payments as low as possible we have incorporated a buy-out option at the end of your Green Lease equal to ten percent of the price of your original lease amount. For example if you upgrade your home with a new high efficiency furnace, 2 low flush toilets, 4 low flow faucet and shower heads, 3 new windows, 1 new door, a PV solar Panel and some attic insulation all for $18,000 then your buy-out at the end of 10 years would be $1,800.
Can we buy-out or pay off our Green Lease early?
Yes, you can buy out your lease and pay it off at any time for an amount equal to 10% of your original lease amount plus any outstanding portion of your Green Lease provided you give us 30 days notice.