HypothÉco, Ecological Mortgage
| Region(s) | Montréal, Québec, Canada |
|---|---|
| In domains | Banking and Finance, CECOSOL, Energy Conservation |
| Participants | Caisse d'économie solidaire Desjardins |
HypothÉco is an environmental recognition program unique to the Caisse d’économie solidaire. It is offered to members who buy or renovate a home meeting specific energy efficiency standards. Tied to a mortgage, the program offers a cash refund, a free energy assessment, and a two-year subscription to the magazine La maison du 21e siècle. In addition, it comes with a $100 contribution to Gaïa, a fund created jointly by Équiterre and the Caisse d’économie solidaire in support of social and environmental projects.
HypothÉco encourages Caisse members to engage in environmental action, and acknowledges their social and environmental efforts. As of the end of 2007, this environmental recognition program has been improved; it now allows home owners of certified Novoclimat or LEED houses to receive a cash rebate of up to $1,750 on every $100,000 mortgage. Morever, it augments government or Hydro-Québec subsidies granted to homeowners who improve their home energy efficiency through renovations.
From the beginning, the Caisse d’économie solidaire partnered with Équiterre in order to carefully identify the various aspects of home energy efficiency. For greater efficiency, the Caisse chose to complement existing government programs rather than develop new ones.
When conducting home energy efficiency assessments the Caisse partners with organizations known for their expertise in the field. On-site assessments are available throughout Quebec. In Greater Montreal, the Caisse partners with Équiterre, and in Quebec, with Vivre en Ville. Elsewhere in Québec, it partners with various organizations known for their experience in this arena.
Finally, the Caisse has publicized its program through informational material: a brochure and an Internet microsite which explain to consumers the differences between the government programs Rénoclimat and ÉnergieEfficace, the Novoclimat and LEED certifications, energy efficiency reports, and so on. The Caisse has established indicators of program use, and has trained its financial advisors on the topic.
After ensuring that the employees responsible for hypothÉco fully understood all aspects of the program, the Caisse faced its first challenge: to adapt its financial product to its practices and existing programs while maintaining the highest possible consistency.
It was sometimes difficult to find qualified organizations to conduct on-site energy efficiency assessments in remote regions. Furthermore, the Caisse has had to rethink its approach with such organizations in order to improve efficiency. For example, it’s clear that members of the Caisse that are interested in hypothÉco need to schedule an appointment with the assessors. However, it was found that phone calls increased unnecessarily when clients postponed their energy assessments because of exceptional circumstances related to a move or home renovation.
The Caisse initially offered consultations to those with new homes constructed for optimal energy efficiency, in order to evaluate the daily habits and small steps that can save energy: lowering the thermostat at night, more efficient lighting practices, and so on. However, this evaluation didn’t generate much response.
The Caisse d’économie solidaire has adapted and modified its program to changing practices in the field of energy efficiency. Novoclimat certification has become something of a norm, new construction projects are more frequently LEED certified, and the needs of ecovillages or eco-neighborhoods differ.
As a result, the Caisse is now working to improve hypothÉco, highlighting three aspects of LEED certification. It has also adapted its program to better meet the needs and initiatives of ecovillages.
As of early September 2009, 71 new homeowners have taken advantage of hypothÉco’s free energy assessment, which constitutes a first step towards more efficient individual utilization of natural resources. Now positioned as a leader in green home and ecovillage financing, the Caisse d’économie solidaire finances one ecovillage and one eco-neighborhood. To get there, it had to gradually adapt and transform its product which, in the beginning, was a green mortgage geared towards single-family residences. Ultimately, the Caisse turned it into a genuine environmental home recognition program that is evolving alongside practices in the field.
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