***UPDATE*** On Tuesday, May 31, Vancouver City Council approved the home energy retrofit program on a trial basis and may expand it to multi-unit buildings. More details HERE from the Vancouver Sun.

You'll have to pay it back, but the City of Vancouver is considering a plan to provide low interest loans to home owners who plan to make energy efficent upgrades to their homes.

The city is hoping to begin the program as a pilot project this summer, lending 500 home owners between four to 10 thousand dollars to retrofit their drafty, energy sucking homes with new high-efficiency furnaces, heat pumps, upgraded water heaters and wall and attic insulation.

Homeowners, who apply for the program,  would have an energy audit of ther home conducted by a qualified company, who will then recommend the the best improvements for reducing energy costs.

The program will be administered through Vancity credit union, and will provide a loan for the upgrades at 4.5% per year. The loan will be repaid over 10 years through either the home owners property tax or utility bill on a pro-rated annual basis.

The plan is an awesome and creative way to encourage home owners, who might otherwise not be able to afford it, to make their home more energy efficient. City officials say that after the loan is repaid, the average homeowner could save up to $1200 a year in reduced energy costs. Ka-ching!

It's a program Blu has been keeping tabs on since last December and Vancouver City Council is expected to vote on it this week.

More details HERE in the Vancouver Sun