The Canadian Renewable Energy Association (CanREA) welcomes Budget 2024, as presented today (April 16) by Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland. Budget 2024 represents positive steps for Canada's renewable energy and energy storage industry regarding the Investment Tax Credits (ITCs), the Indigenous Loan Guarantee Program and the Green Choice Program.
First announced in last year's Budget, Canada's refundable ITCs for clean technologies, such as wind, solar, storage and green hydrogen, represent a Canadian response to the American incentives for credits for renewable energy and green hydrogen, per the Inflation Reduction Act 2022.
CanREA particularly commends the Government of Canada for its commitment to Indigenous economic empowerment in Budget 2024. The introduction of enabling legislation for the Indigenous Loan Guarantee Program marks a significant step towards fostering economic opportunities for Indigenous communities across the country.
"We are pleased to see that the enabling legislation for the Indigenous Loan Guarantee Program has been tabled as part of the Budget. The Indigenous Loan Guarantee Program is a gamechanger that will boost opportunities for Indigenous communities and companies to build the renewable energy and energy storage projects that Canada needs, both as equity partners and as developers in their own right," said CanREA President and CEO Vittoria Bellissimo.
There was also promising news on the timeline for the Clean Technology Investment Tax Credit (ITC), which was put forward in the Fall Economic Statement Implementation Act, 2023 (Bill C-59), in November 2023:
"It is reassuring to hear that the government anticipates Bill C-59 receiving Royal Assent before June 1, 2024. The passage of this bill will enable CanREA's member companies to access the Clean Technology ITC, which will spur growth in Canada's renewable energy and energy storage sectors," said CanREA Federal Policy Director Fernando Melo, who was on site for the introduction of the Budget today.
CanREA appreciates the presentation of further details on the Clean Electricity Investment Tax Credit. "We look forward to the enabling legislation being tabled so that we have further details on the Clean Tech ITC. Its speedy introduction will be critical to ensuring that Indigenous companies and corporations can fully participate in Canada's many calls for power," said Melo.
CanREA is also pleased that Greener Homes Initiative's loan program will continue to be funded under Budget 2024, which proposes to provide $903.5 million to Natural Resources Canada over six years starting in 2024-25, of which $800 million will support the launch a new Canada Greener Homes Affordability Program.
This Program, which will support the direct installation of energy efficiency retrofits for Canadian households with low to median incomes, represents the next phase of the Canada Greener Homes Initiative and will be co-delivered with provincial and territorial partners. It will also be complemented by CMHC's Greener Homes Loan program, which provides interest-free loans of up to $40,000 for energy efficiency.
Quotes
"We are pleased to see that the enabling legislation for the Indigenous Loan Guarantee Program has been tabled as part of the Budget. This program is a gamechanger that will boost opportunities for Indigenous communities and companies to build the renewable energy and energy storage projects that Canada needs, both as equity partners and as developers in their own right."
Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)
"It is reassuring to hear that the government anticipates Bill C-59 receiving Royal Assent before June 1, 2024. The passage of this bill will enable CanREA's member companies to access the Clean Technology ITC, which will spur growth in Canada's renewable energy and energy storage sectors. We look forward to the enabling legislation being tabled so that we have further details on the Clean Tech ITC. Its speedy introduction will be critical to ensuring that Indigenous companies and corporations can fully participate in Canada's many calls for power."
Fernando Melo, Federal Director, Canadian Renewable Energy Association (CanREA)
"The Green Choice Program has helped thousands of Canadians go solar, and its continuation will be incredibly important for the further development with Canada's residential solar sector."
Erwin Heuck, Director of Distributed Energy Resources, Canadian Renewable Energy Association (CanREA)
For more information or for interview opportunities, please contact:
Michaela Ianni, Communications Specialist
Canadian Renewable Energy Association
613-805-4465
communications@renewablesassociation.ca
About CanREA
The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada's energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada's energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult "Powering Canada's Journey to Net-Zero: CanREA's 2050 Vision." Follow us on Twitter and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca.
