Energy Efficiency Funding to Lower Ontario Energy Costs
Topics centred on energy have become a part of critical global conversations as more countries struggle with finding affordable energy to fuel their economies, and Canada is no exception. Canada has turned to looking at new ways the country can be more energy efficient to maximize the use of energy resources. The province of Ontario in particular has sought to achieve this is by investing more in energy efficiency projects. Over the next four years, the Ontario government will invest more than $1 billion in energy-efficiency programs, an increase of $342 million.
In addition to helping families and businesses save money on their energy bills, these funds will support new and expanded programs that help reduce electricity usage in order to meet the province’s emerging electricity needs. For example, through this funding the government will establish a voluntary Residential Demand Response Program in which homes with existing central air conditioners or heat pumps can get incentives for installing smart thermostats to save energy at peak times.
Energy conservation is an important part of Ontario’s plan to build a cleaner, greener Ontario. Using less energy is better for people and our planet. It’s also one of the fastest and most effective ways to save money, address climate change and help ensure we can continue to generate the clean, renewable and affordable electricity needed to meet the province’s long-term needs.
Piccini, Minister of the Environment, Conservation and Parks
A targeted support program will also be provided for greenhouse growers in Southwest Ontario, as well as enhancements to existing Energy Efficiency Grants that reduce energy use and corresponding bills for businesses, municipalities, hospitals, and other institutions.
Our government’s success in driving electrification of industry and transportation and strong economic growth is increasing electricity demand, and our government is looking at every option to meet these upcoming needs. By 2025, this expansion of energy-efficiency programs will help deliver enough annual electricity savings to power approximately 130,000 homes every year and reduce costs for consumers by over $650 million.
Todd Smith, Minister of Energy
Moreover, the government has continued their investments in initiatives such as the Save on Energy program and electricity funding. It was launched in 2011 and has helped more than 250,000 homes and businesses across Ontario to improve their energy efficiency, saving nearly 16 terawatt hours (TWh) of electricity since then. The Save on Energy program has provided energy-efficient opportunities and resources since then to over 250,000 households and businesses.
Government Funding for Energy Efficiency
Is your business working on energy efficiency programs? If so, you may be eligible for government funding incentives such as Ontario energy grants, loans, or tax credits that can help offset some of the costs associated with your innovative research and development.
Programs, such as the Scientific Research and Experimental Development (SR&ED) tax creditsupports companies by providing financial support for research and development projects led by businesses. Over 20,000 claimants receive tax incentives under the program each year totaling over $3 billion.
To find out if you are eligible for funding under this program, read our article on How to Determine if You’re Eligible for SR&ED.
Moreover, Canadian businesses can visit this comprehensive government funding directory to easily filter through the top government funding programs available to Canadian businesses today. Also, make sure to sign up for one of our free government funding webinars to learn about industry leading developments and funding opportunities today.
