Architecture of the colorful houses on the steep streets of St John's, Newfoundland, Canada

The Conservatives and Liberals both made announcements on Wednesday aimed at wooing environmentally conscious voters who plan to retrofit their homes.

The Tories promised to introduce a Green Home Renovation Tax Credit, a 20% refundable credit for “green improvements” made to homes.

The credit would be available in the 2020 and 2021 tax years for home improvements that cost at least $1,000 and up to $20,000.

Eligible renovations would include the installation of high-quality insulation, high-efficiency HVAC systems and solar panels, as well as replacing doors and windows with more efficient models, according to a release.

In a backgrounder, the Conservatives said the measure would allow residents to save up to $3,800 on renovations each year.

An estimate from the parliamentary budget officer projected that the plan would cost approximately $1.8 billion from 2019 through 2022.

Liberals promise interest-free loans

The Liberals said they would help retrofit 1.5 million homes over the next five years by offering interest-free loans through the Canada Mortgage and Housing Corporation (CMHC).

The plan would entail giving homeowners and landlords a free energy audit and offering interest-free loans of up to $40,000 for eligible retrofits, according to a backgrounder.

Eligible retrofits would include everything covered by the Conservative plan, as well as other upgrades, such as installing geothermal systems, air-source heat pumps and high-efficiency water heaters.

The Liberal plan would also cover home improvements aimed at mitigating flood risk, such as basement flood-proofing and the installation of sump pumps.

Those who proceed with an interest-free loan would receive a cash incentive ranging from $250 to $750. Loans would have to be paid back within 10 years through a CMHC-insured mortgage or bank loan.

The Liberals also said they would offer $5,000 grants to people who purchase homes that are certified to have net-zero emissions, and create a “low-cost” national flood insurance program through the CMHC.

The Liberal party did not submit these proposals to the parliamentary budget officer for a cost estimate.