Small Canadian city residents get huge funding for home energy upgrades including solar installations

NEWFOUNDLAND — The Honourable Joanne Thompson, on behalf of the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and Deputy Mayor Sheilagh O’Leary of the City of St. John’s, on behalf of Rebecca Bligh, President of the Federation of Canadian Municipalities (FCM), announced a $7-million investment through the Green Municipal Fund’s (GMF) Community Efficiency Financing (CEF) initiative to support a new residential retrofit program in St. John’s.

This funding, which includes a $5-million grant and a $2-million credit enhancement, will make it easier for homeowners to access financing for energy-saving upgrades such as insulation, heat pumps, and solar installations.

This unique funding model allows GMF to act as loan guarantor for the city, helping to unlock further financing from private institutions at preferential rates.

Over the next four years, the program is expected to:

• create 120 full-time jobs in energy efficiency, construction, and skilled trades
• facilitate energy efficiency training for 300 contractors
• reduce home energy consumption in St. John’s by 17,104 GJ per year
• cut greenhouse gas emissions by 512 tonnes annually

  In addition to helping homeowners save money and reduce emissions, the program was designed to be scalable so it can be expanded to other communities across the region that may not have the capacity to deliver their own retrofit programs.

Econext will spearhead the project, providing free and personalized energy efficiency guidance services to help residents of St. John’s manage their retrofit projects.

This service will help residents navigate energy audits, grants and financing options available from various programs. Econext will also facilitate industry training to support capacity building and offer targeted grants for deep retrofits.

The City of St. John’s will manage the credit enhancement funding and enabling financial institutions to offer low-interest loans to residents. By helping residents navigate retrofits while reducing financial barriers, this program will help more homeowners take action to improve energy efficiency, lower utility bills, and reduce their environmental footprint

This initiative underscores a commitment to sustainable development and community support, ensuring that residents have the resources needed to improve their homes while contributing to a cleaner, greener future.