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Eco-Mortgage Savings II

Energy-Efficient Further to our story yesterday, it’s worthy to note that Genworth has an Energy-Efficient Housing Program (EEHP) as well.

The program is very similar to CMHC’s.  Qualified homeowners get a 10% discount on their Genworth insurance premium, as well as a 40-year amortization with no additional insurance charge. 

Qualifying is also largely the same:  a 77 EnerGuide rating or a R-2000 rating, etc.  Here’s Genworth’s full requirements.  EEHP customers also get access to Genworth’s Homebuyer Privileges program.

We’ll also point out that AIG United Guarantee is developing an efficient energy program as well.  According to the company representative we spoke with, it’s expected soon.

In addition to mortgage insurance savings, there are naturally other benefits to having an energy efficient house.  Estimates are that people can save up to 30% on their annual utility costs by having a house that meets EnerGuide 77 standards.  Typical new homes are rated about 68.

You might also be eligible for up to $5000 from the government if you environmentally retrofit your existing house.  (More info)

In coming years, most new houses will probably have to meet efficiency standards regardless.  Certain provinces have, or are considering, legislation that requires all new homes to meet EnerGuide 77 or 80 ratings by 2010-2012.  If that happens, it’s possible insurers would increase their efficient-housing standards so homeowners don’t get the insurance discounts by default.