Can You Use Your Mortgage to Pay for Solar in the Comox Valley?

If you are renewing your mortgage, buying a home, or planning renovations in the Comox Valley, you may be able to include the investment of solar panels directly into your mortgage through a Purchase Plus Mortgage Improvement.

This approach can significantly reduce financing costs compared to personal loans or lines of credit, but lender rules vary and details matter. Understanding the basics upfront can help you avoid surprises and determine whether this option is right for your home.

What Is a Purchase Plus Mortgage Improvement?

A Purchase Plus Mortgage Improvement is a lender program that allows approved home upgrades, including solar energy systems, to be added to your mortgage.

For homeowners considering solar, this typically means:

• The solar investment is included in the mortgage

• Repayment happens over the mortgage term

• Interest rates are similar to mortgage rates rather than consumer loans

  
  

Because solar systems commonly last 25 years or more, mortgage financing can align well with the lifespan of the system.

Do All Lenders Allow Solar in a Mortgage?

No. Purchase Plus Mortgage Improvements are highly lender-specific.

Some lenders allow solar installations, others do not, and policies can change over time. A knowledgeable mortgage broker is essential to confirm eligibility before planning a solar project.

Important points to confirm with your broker include:

• Whether solar qualifies as an eligible improvement

• The maximum improvement amount allowed

• How and when funds are released

  
  

As general examples, some major banks such as Scotiabank are known to offer Purchase Plus Improvement options, while other institutions may not allow them on conventional mortgages.

How Much Can Be Added to the Mortgage?

The amount that can be included depends on how your mortgage is structured.

• Conventional, uninsured mortgages often allow improvements up to 20 percent of the home’s purchase price, commonly capped around one hundred thousand dollars

• Insured mortgages through CMHC or similar insurers typically have lower limits, sometimes ranging from forty thousand dollars up to one hundred thousand dollars depending on the lender

  
  

Your mortgage broker can confirm what applies in your specific situation.

The Most Important Detail: How Funds Are Released

How your lender releases funds is often the most overlooked and most important detail.

Before moving forward, homeowners should clearly confirm:

• Whether funds are released only after the work is completed

• Whether staged payments are allowed during installation

• What documentation is required before funds are issued

  
  

If funds are only released after completion, homeowners may need short-term financing such as savings or a line of credit to cover installation costs temporarily.

CMHC Energy Efficiency Incentive

Homeowners with CMHC-insured mortgages may qualify for a partial refund of their mortgage insurance premium when completing energy-efficient upgrades like solar.

To qualify, homeowners generally need:

• A pre-renovation energy audit from a qualified Energy Advisor

• Installation of qualifying energy upgrades

• A post-renovation energy audit

  
  

This incentive can meaningfully reduce the barrier posed by the upfront investment of going solar.

Why Homeowners Use Mortgage Financing for Solar

Many Comox Valley homeowners consider mortgage financing for solar because it:

• Offers some of the lowest available interest rates

• Spreads investment over a long time period

• Can partially or fully offset monthly payments through energy savings

• Improves long-term energy cost stability and home resilience

  
  

Final Thoughts

Using your mortgage to pay for solar can be an effective strategy, but it requires clarity on lender rules, funding timelines, and improvement limits. Early coordination between your mortgage broker and solar installer is key to a smooth process.

At Aurum Solar, we regularly work alongside homeowners and mortgage professionals to ensure solar projects are sized, timed, and documented correctly for mortgage financing.

If you are exploring solar as part of a mortgage renewal or home purchase in the Comox Valley, we are happy to provide:

• Budgetary solar estimates for lender review

• Installation timelines to support financing decisions

• Coordination with your mortgage broker when needed

You can reach out anytime for a no-pressure conversation about whether solar fits your plans.

☀️ Aurum Solar Ltd. | Locally Owned and Operated in the Comox Valley | Solar and Battery Installer Serving Courtenay, Cumberland, Comox, and surrounding Vancouver Island communities