Save energy, save money Iqaluit NU

As the price of electricity continues to rise, we are faced with the growing need to become more energy efficient. One of the biggest consumers of en ...

Nunastar Properties Inc
(867) 979-1402
Iqaluit, NU
Kalvik Enterprises
(867) 983-2922
Cambridge Bay, NU
Kalvik Enterprises
(867) 983-2996
Cambridge Bay, NU

Save energy, save money

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(NC)-As the price of electricity continues to rise, we are faced with the growing need to become more energy efficient. One of the biggest consumers of energy in your home is heating and cooling, which account for 60% of your total at-home energy use. Fortunately, we can reduce our home energy consumption in a number of ways that is both practical and effortless. Here are a few easy renovation tips that can help you reduce your energy bills:

• Reduce air leakage - Air leakage is one of the biggest contributors to the loss of cooling. According to the Canadian Housing and Mortgage Corporation (CMHC), if all air leakage paths are combined, the average home would have an opening the size of 1,500 cm? (or roughly 15 x 15 in.) . Take time this summer to minimize the potential outflow of air paths, air seal the top of foundation walls, attic hatches, around window and door frames.

• Program the thermostat - Office of Energy Efficiency suggest that by installing programmable thermostats to lower temperatures at night or during the day by 4 degrees, you can save up to 10% in your heating bills . Reduce water consumption - On average, a household of four people taking daily five-minute showers consumes a lifetime supply of drinking water for one person every six months. Switching to low-flush toilets and shower flow restrictors will reduce the water consumption by half.

There are also larger projects which will ultimately result in energy savings:

• Replace the old furnace - Many older homes in Canada have low-efficient furnaces and water heaters that are a major source of energy loss. By replacing your old furnace, you can save an average of 34% on your heating and cooling costs.

• Replace the windows - Windows are an essential part of a healthy and energy efficient home. The average energy savings by replacing windows can be up to 11% of current costs. By replacing your current windows to energy efficient ones, it will reduce heat loss and maximize solar benefits.(CMHC and Natural Resources Canada - Office of Energy Efficiency)

Larger projects such as replacing a furnace or windows can be a cumbersome and expensive undertaking. But according to CIBC Mortgage Specialist Dragana Andjelkovic, there are many ways to make your energy efficient renovation a simple and painless process: "The CIBC ENVIRO-SAVERTM Mortgage is a solution that provides customers with the tools to address their potential energy savings while offering a great mortgage rate. The mortgage offers a certificate for up to $300 on a home energy audit and $2,500 in energy savings coupons that will help you with your renovation needs."

For more information on CIBC mortgages, visit your nearest CIBC branch, call 1 800 465-CIBC (2422) or visit