Four communities in Alberta will be eligible to receive funds from the federal government to help homeowners take on home energy projects.
Announced on Monday, the federal government allocated the following funds through its Community Efficiency Financing Initiative:
• $1.6M for the Town of Canmore
• $3.8M for the City of Lethbridge
• $5M for the City of St. Albert
• $15M for the City of Calgary
This funding will be in addition to the already approved energy-efficient loans that Calgary homeowners have been able to access through the Clean Energy Improvement Program or CIEP.
The CIEP allows eligible homeowners to apply for low-interest loans up to $50,000 from the city, which they can add to their property tax bills and repay over fifteen years.
Solar panels are among the list of potential projects funded through the CIEP, along with increasing insulation, upgrading existing windows, or investing in a tankless hot water system.
Similarly, with the additional federal funds announced, homeowners will be able to add the cost to their property tax bill.
The idea is that the investment from the federal government will help communities implement energy-efficient upgrades to their homes and finance them with low-interest loans.
Retrofitting existing buildings is a major component of Canada meeting its climate goals.
Offering additional funds will make expensive upgrades more accessible to a broader community of homeowners.
The hope is that by making these upgrades now, more Canadian homeowners will be resilient against expected energy price spikes and climate events for decades to come.