Join us

Nov 18: Vancity first to offer specialized financing for energy efficient home renovations

Vancity Credit Union first to offer specialized financing for energy efficient home renovations

Vancouver, November 18, 2004 - To cut gas bills and greenhouse gas emissions, VanCity Credit Union is the first financial institution in Canada to offer specialized financing for energy efficient home renovations.

is being launched in conjunction with Canada Mortgage and Housing Corporation’s (CMHC) latest product innovation - Mortgage Insurance for Energy Efficient Homes. This morning CMHC, Canada’s national housing agency, announced that eligible borrowers can now receive a 10 per cent refund on their mortgage loan insurance premimum when they buy or build an energy-efficient home or make energing-saving renovations to an existing home meeting certain energy efficient requirements.

In addition to offering CMHC’s premium refund offer, VanCity’s Bright Ideas Home Financing is offering a loan at the prime rate of interest for those doing renovations in line with the federal government’s “EnerGuide for Houses” evaluation that will result in an improved energy efficiency rating. The new financing program is also offering a cashback option to cover the cost of the EnerGuide for Houses evaluation.

The Bright Ideas Home Financing is part of VanCity’s strategy to offer its members practical options for reducing greenhouse gas emissions from fossil fuels that cause climate change. In 2003, VanCity was the first financial institution in Canada to introduce a low-interest Clean Air Auto Loan to encourage the purchase of hybrids and natural gas vehicles.

As part of its community leadership strategy, VanCity has a target of being carbon neutral by 2010, which will see it reduce its overall CO2 emissions from its operations, by encouraging alternative transportation choices for employees and by investing in community projects to offset its environmental footprint.

Vancity is Canada’s largest credit union, with $9.3 billion in assets, 305,000 members, and 41 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity was chosen as the best place to work in Canada for 2005 by Maclean’s Magazine as part of its annual Canada’s Top 100 Employers issue. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.