TD Canada Trust Green Mortgages now feature rebates for solar panels

TORONTO, April 22 /CNW/ - In time for Earth Day(R), TD Canada Trust is expanding its Green Mortgage rebate to include solar panels on homes.

"We're thrilled to celebrate Earth Day(R) by adding Canadian Standards Association (CSA) approved solar panels to our list of eligible products for the Green Mortgage rebate. This provides an additional financial incentive to our customers who have made the decision to move towards sustainable energy to power their homes," says Chris Wisniewski, AVP, Real Estate Secured Lending, TD Canada Trust. "Our recent TD Canada Trust Green Home Poll showed that more than one quarter of Canadians have undergone a green home renovation and the majority (88%) are happy with the results."

Karen Clarke-Whistler, Chief Environment Officer, TD, predicts that solar panels will be standard on homes in 10 years. "Energy prices are only going to go one way, and that is up, so homeowners will be looking for ways to reduce costs," said Clarke-Whistler. "With an increasing number of provincial government-backed incentive programs being rolled out across the country, we expect the solar products market to evolve rapidly. We can expect product innovation, a wider choice of products and increased affordability as more manufacturers enter the market."

The TD Canada Trust Green Home Poll also revealed that 66% of Canadians say that tax credits would make them more likely to make energy efficient upgrades to their homes. "This shows that financial incentives really work when it comes to encouraging energy efficient home upgrades, so we hope that our Green Mortgage rebate will encourage our customers to consider renewable energy sources for their homes," says Wisniewski.

How the Green Mortgage rebate works:

Customers receive 1% off the posted interest rate on a five-year fixed rate mortgage or on a five-year fixed rate portion of a Green Home Equity Line of Credit (HELOC). As well, TD Canada Trust will rebate up to 1% of the amount of the mortgage or the fixed rate portion of the HELOC when you purchase CSA approved solar panels or make ENERGY STAR(R) qualified purchases. And, for a limited time until June 30, 2010, TD Canada Trust will rebate up to 1.5% of the amount of the mortgage or the fixed rate portion of the HELOC (http://www.tdcanadatrust.com/greenhome/index.jsp).

For example:

    
    -----------------------------------------------------------------------
    Green Mortgage         Eligible      ENERGY STAR Qualified      Rebate
    or HELOC Amount       Rebate up                                 Amount
                             to 1%     Purchases or CSA approved
                                         solar panels purchased
    -----------------------------------------------------------------------
    Case 1: $300,000        $3,000               $3,500             $3,000

    Case 2: $200,000        $2,000               $1,500             $1,500
    

About TD Canada Trust green mortgage products

TD Canada Trust has two ways that customers can save money and help protect the environment, the Green Mortgage or a HELOC. Both products offer a lower interest rate and rebates on certain purchases, while giving back to the environment. As well, when customers receive their rebate, TD Canada Trust donates $100 to the TD Friends of the Environment Foundation.

About the TD Canada Trust Green Home Poll

The TD Canada Trust Green Home Poll surveyed adult Canadians from across the country who own a home or are considering purchasing a home in the next 12 months, to explore the relationship between the environment and home purchase or home renovations. The survey was conducted by Angus Reid Public Opinion, a division of Vision Critical, on March 12, 2010 with English and French speaking Canadians 18+. The sample size includes 1,494 men and women.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

Earth Day(R) is a trade-mark of Earth Day Canada (1991) Inc., used with the permission of Earth Day Canada (1991) Inc.

For further information: Carolyn Abbass/Anne Locke, Paradigm Public Relations, [phone], [email protected], [email protected]; Tashlin Hirani, TD Bank Financial Group, [phone], [email protected]