Canada’s 2021 Federal Budget and Renewable Energy

Parliament Hill – photo credit to Envato

The proposed 2021 Federal Budget of Canada as proposed by Justin Trudeau’s Liberal government, sets aside billions of dollars for fighting climate change and to reduce Canada’s greenhouse gas and CO2 emissions over the next decade. The 2021 Budget proposes $17.6 billion towards a green recovery to create jobs and build a clean and sustainable economy. The Budget has a strong emphasis on growing a net-zero economy, which includes several billion focused on the renewable energy sector to allow more individuals to acquire loans for net-zero home retrofitting, which includes solar panel systems like what Execon Roofing and Solar provides to home and business owners.

In the 2021 Federal Budget, there are many interest-free loans for homeowners to take advantage of to make their homes more environmentally friendly. These loans apply to green retrofits such as replacing oil furnaces with forced-air heat pumps. Most significantly, these interest-free loans are also applicable to rooftop solar panel systems, which Execon Roofing and Solar can provide.

The Federal budget allocates $4.4 billion over 5 years to the Canada Mortage and House Corporation (CMHC) to assist homeowners with completing retrofits through the interest-free loans as mentioned early. These loans are worth up to $40,000, which will usually cover the cost of a residential solar system in Canada. These loans must be approved by an EnerGuide energy assessment to assure that all is in order. These loans are expected to be available as of the late spring of 2021.

These retrofits also make our homes more comfortable, reduce our energy bills, and create good middle class jobs, especially for skilled workers and tradespeople. Furthermore, it can also help spur clean growth by developing an industry for energy efficient retrofits, including the development of a Canadian supply chain for high-efficiency home renovation products.

This program also sets aside funds for low-income homeowners and rental properties serving low-income renters including cooperatives and not-for-profit owned housing, making it an accessible program to everyone no matter the income or living situation.