My Home Is Worth Over $1.2 Million — Am I Out of Luck?

In Metro Vancouver and many parts of BC, it's not unusual for a regular family home to be assessed at well over a million dollars. So when homeowners hear about the CleanBC Energy Savings Program and its property value cap, many assume they don't qualify.

But that's not the full story. Even if your home is worth $1.5 million, $1.9 million, or more — you may still be eligible for thousands of dollars in rebates.

The Property Value Cap Explained

The program has three income levels. Level 1 gives you the highest rebates, and Level 3 the lowest. Here's how the property value rule works:

Level 1 and Level 2: Your home's BC Assessment value must be $1,230,000 or under. If your home is assessed above this amount, you cannot qualify for these levels — regardless of how low your income is.

Level 3: There is no property value limit. Your home could be assessed at $2 million, $3 million, or more, and you can still qualify for Level 3 rebates as long as your income is within the program limits.

This is a big deal for homeowners in places like Vancouver, Burnaby, Richmond, and the North Shore, where even a small older home can easily be assessed above $1.23 million.

What Level 3 Gets You

Level 3 rebates are lower than Level 1 or 2, but they're still worth a lot — especially if you're converting from gas, propane, or oil heating.

For homes heated with gas or propane, here's what Level 3 looks like:

• Central ducted heat pump: up to $10,500
• 2-head multi-split heat pump: up to $8,000
• Single mini-split heat pump: up to $4,000
• Heat pump water heater: up to $3,500
• Electrical service upgrade: up to $1,500
• Maximum total: up to $15,500

For oil-heated homes, Level 3 is even better:

• Central ducted heat pump: up to $10,500
• Single mini-split heat pump: up to $10,000
• Heat pump water heater: up to $3,500
• Electrical service upgrade: up to $1,500
• Maximum total: up to $15,500

What You Miss at Level 3

To be upfront: Level 3 does not include rebates for insulation, windows and doors, ventilation, or health and safety. Those are only available at Level 1 and Level 2.

Here's a comparison for a gas-heated home getting a central ducted heat pump:

The difference is significant — about $26,000. But $15,500 in free rebates is still a lot of money, and many homeowners in expensive homes don't realize they can get it.

Important: Assessed Value Is Not Market Value

Your BC Assessment value is often different from what your home would sell for on the open market. In many cases, the assessed value is lower. Before you assume your home is over the $1.23 million cap, check your actual assessed value at bcassessment.ca.

You might be surprised. If your assessed value comes in under $1.23 million, you could qualify for Level 1 or Level 2 and access the full range of rebates.

Income Limits for Level 3

Even at Level 3, you still need to meet income requirements. Here are the maximum household incomes:

If your income is above these amounts, you won't qualify for any level of the ESP program.

Check Your Eligibility

Don't assume a high home value means zero rebates. Visit cleanbc.getredsealpro.com to check what you qualify for, or email us at [email protected]. If you share your address, we can even look up your BC Assessment value for you.