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Canada and FCM Invest $8.6 Million for Cost-Saving Home Energy Upgrades in Peterborough
[February 22, 2024]

Canada and FCM Invest $8.6 Million for Cost-Saving Home Energy Upgrades in Peterborough


PETERBOROUGH, ON, Feb. 22, 2024 /CNW/ - Boosting home energy efficiency can help fight climate change and reduce costs to homeowners. That is why the Government of Canada, and the Federation of Canadian Municipalities are working with municipalities and their partners to simplify retrofit planning and financing.

Today, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, on behalf of the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and Scott Pearce, President of the Federation of Canadian Municipalities (FCM), announced an investment of $8.6 million (a $2.87 million grant and a $5.75 million loan) through the Green Municipal Fund's Community Efficiency Financing (CEF) program for launching the City of Peterborough's Home Energy Efficiency Program.

In 2019, the City of Peterborough declared a climate emergency and updated their goals to reduce greenhouse gas (GHG) emissions by 45% by 2030 and achieve net-zero emissions by 2050. Home retrofits are essential to achieve these goals, as 23% of emissions in the city come from the 34,660 residential dwellings.

The City of Peterborough Home Energy Efficiency Program offers homeowners and renters two loan choices, one tied to the property via a Local Improvement Charge and the other an unsecured loan provided directly from a partnering financial institution. These loans, which are capped at $125,000 or 10% of the current property value, can be used to finance home energy efficiency improvements that lower emissions, reduce energy costs, and enhance comfort, using measures like upgrading windows, doors, air sealing and insulation, and installing low emission heating such as heat pumps and alternative energy sources like solar panels. The program aims to help approximately 600 households retrofitting their homes, creating total reductions in GHG emissions of 825 tonnes of CO2 per year and save over 28,000 GJ of energy.

CEF, established in 2020, has supportedmunicipalities in experimenting with new ways to assist homeowners with energy efficiency improvements that boost local employment and the economy.



Established as part of the Budget 2019 investment of $950 million, CEF is one of the ways GMF continues to build on its long record of supporting transformative environmental initiatives at the community level. GMF, administered by FCM, is funded through an endowment by the Government of Canada.

Quotes

"The new Home Energy Efficiency Program is great news for the people of Peterborough. It helps them cut their monthly energy bills while contributing to the fight against climate change. The partnership between the Federation of Canadian Municipalities and our Government through the Green Municipal Fund is helping put the City and communities across Canada on a path toward a resilient, low-carbon future, while making homes more sustainable and living more affordable. Together, we are growing a clean economy that works for everyone."
The Honourable Steven Guilbeault
Minister of Environment and Climate Change

"Through the Community Efficiency Financing initiative, the Government of Canada and the FCM are empowering Canadian communities to advance energy efficiency. Today's announcement in Peterborough, Ontario, will help more Canadians to make the switch to more efficient heating, which will bring down both energy bills and emissions."
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

"Peterborough is helping homeowners take climate action by making it easier to finance retrofits that will greatly reduce greenhouse gas emissions, including energy efficiency, renewable energy, and other low carbon measure improvements. I want to sincerely thank the Government of Canada and the Federation of Canadian Municipalities for providing financial support for our new Home Energy Efficiency Program."
Jeff Leal
Mayor of Peterborough

"Our cities and communities have influence over half of Canada's greenhouse gas emissions and they are also the most vulnerable to the impacts of new climate extremes. That's why it is so crucial that we support smart and innovative local green solutions such as home energy-efficiency programs to continue moving towards net-zero. That's exactly what the Federation of Canadian Municipalities' Green Municipal Fund is doing today in collaboration with the federal government by investing in the City of Peterborough's Home Energy Efficiency Program. Thanks to it, emissions and energy bills will be reduced, and it is a good example of fruitful federal-municipal partnership to respond to sustainability and affordability concerns."
Scott Pearce
FCM President

Associated links

Federation of Canadian Municipalities
Green Municipal Fund
2030 Emissions Reduction Plan: Clean Air, Strong Economy

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SOURCE Natural Resources Canada


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