Municipalities apply to increase renewable energy funding for homeowners

Funding to combat climate change may soon be more accessible for residents of Charlottetown and Stratford.

The P.E.I. city and town recently applied for about $15 million from the Federation of Canadian Municipalities’ Community Efficiency Financing Initiative. Also included on the application is the town of Wolfville, N.S., and the PACE Atlantic Community Investment Corporation.

If approved, the funding will allow the municipalities to offer below market-level interest rates on financing to homeowners and business owners. Up to 30 per cent of it could be used for nonenergy related initiatives that help people better prepare for climate change impacts, such as flood-proofing and lead water line replacement.

This would help the public take advantage of existing programs, such as at efficiencyPEI, a Jan. 7 media release said.

“Our goal is to support residents in accessing the excellent rebate programs, “Charlottetown Mayor Philip Brown said in the release, “(by) removing the financial barriers associated with the upfront costs of investing in energy retrofits and renewable energy.”

Changes to the provincial legislature were needed to allow municipalities to implement a Property Assessed Clean Energy (PACE) financing programs like this, which the Municipal Government Act was recently amended to permit. Along with the joint application, both P.E.I. municipalities have the shared goal of improving efficiency in their environment.

“This unique municipal consortium, that includes not only Charlottetown, but Wolfville in Nova Scotia, demonstrates that we have common goals in not just addressing climate change but also encouraging local economic opportunities,” Stratford Mayor Steve Ogden said.

The municipalities hope to kickstart the program in 2021 if approved.