Canada, in collaboration with the Federation of Canadian Municipalities (FCM), takes a decisive step towards bolstering home energy efficiency initiatives in Nova Scotia. Minister of Environment and Climate Change, Steven Guilbeault, announced a $9.5 million investment through the Green Municipal Fund (GMF) to expand the Clean Foundation’s Clean Energy Financing program across Nova Scotia.
Expanding Clean Energy Financing
Since 2016, the Clean Energy Financing program has facilitated residential energy upgrades in rural communities across Nova Scotia, including Bridgewater, Amherst, Digby, Lunenburg, Barrington, Yarmouth, and Cumberland County. This substantial investment aims to enhance program accessibility and effectiveness through reduced participation fees, improved marketing strategies, and enhanced service quality, including comprehensive home energy analyses and a new GHG reduction incentive.
Property Assessed Clean Energy Model
The program adopts a Property Assessed Clean Energy (PACE) financing model, allowing homeowners to repay loans gradually through property levies at low interest rates. Maximum loan amounts range from $10,000 to $40,000, varying between municipalities, with financing options tailored to property values.
Comprehensive Home Upgrades
Home energy upgrades, including insulation, heat pumps, electric vehicle (EV) charging stations, and solar panel installations, are eligible for financing. These upgrades are projected to yield significant environmental benefits, with an estimated reduction of 1,617 tonnes of CO2 emissions annually and over 20,400 GJ of energy savings.
Community Empowerment and Economic Boost
The Community Efficiency Financing (CEF) initiative, launched in 2020 as part of GMF, empowers municipalities to explore innovative approaches in supporting homeowners with energy efficiency enhancements. These initiatives not only stimulate local employment and economic growth but also demonstrate the viability of home retrofit markets, potentially attracting private capital investments.
Continued Federal Support
Established under Budget 2019 with a $950 million investment, the CEF represents Canada’s commitment to fostering transformative environmental initiatives at the community level. Administered by FCM, GMF plays a pivotal role in driving sustainable development, leveraging federal endowments to support green initiatives nationwide.
Source：miragenews.com
