Alterna Savings, in partnership with GreenSaver, today announced the launch of Canada’s first ever green loan to be used for energy-efficient assessments and retrofits to homes and businesses.

The Alterna GreenSaver Green Improvement Loan will provide accessible short-term financing to residential and commercial clients wanting to upgrade their homes and businesses to be more energy efficient.

“Concern for the environment and climate change has become more important than ever to Canadians. Many are eager to make their homes and businesses more energy efficient to save money and do their part to limit climate change. Easier access to financing will help kick-start those wanting to make a difference now but could not afford to do so before,” said Vladan Veljovic, president and CEO of GreenSaver, in a news release.

Clients who conduct a GreenSaver energy assessment will be eligible for the Alterna GreenSaver Green Improvement Loan. The energy assessment identifies problem areas and provides residential and commercial clients with a detailed action plan including estimates for implementing the most cost-effective energy-efficient solutions. Energy assessments can be scheduled by visiting www.greensaver.org.

“The financial industry regularly provides easy access to loans for cosmetic and structural home or business improvements so we thought, why couldn’t this concept be applied to helping consumers make energy efficiency improvements?” said Kimberley Ney, SVP marketing communications at Alterna.

“We believe environmentally responsible clients should be rewarded for their actions and given preferential rates. Alterna is proud to be an innovator in this area and we will continue to develop more green financing options for the future,” she added.

The Alterna GreenSaver Green Improvement Loan will be provided to qualified clients at a variable prime rate.

With approximately $1.8 billion in assets, Alterna Savings is one of Canada’s largest credit unions. It serves approximately 190,000 members through 24 branches and 84 ABM locations across Ontario.