Improving the energy efficiency of homes is a smart investment that helps homeowners lower home energy bills, reduce emissions, and create more comfortable living spaces, while also creating local jobs.
On June 19, the Honourable Tim Hodgson, Minister of Energy and Natural Resources, and Rebecca Bligh, President of the Federation of Canadian Municipalities (FCM), announced a $15-million investment through the Federation of Canadian Municipalities' Green Municipal Fund (GMF) to support an enhanced residential retrofit program in partnership with Saint John Energy.
This funding, which includes a $5-million grant and a $10-million loan, will make it easier for homeowners to access financing for energy-saving upgrades such as insulation, heat pumps, and solar installations, as well as renewable energy options including photovoltaic solar panels and electric vehicle charging stations. It will significantly lower energy costs for homeowners who undertake the upgrades, while driving substantial benefits such as improved home comfort and quality.
Importantly, residential loans will be repayable through Saint John Energy utility bills for increased convenience. This builds upon a well-established Saint John Energy program that enables customers to pay a monthly fee on their energy bills to rent energy products including heat pumps and hot water heaters.
The upgrades will also significantly curb household greenhouse gas emissions and create economic benefits through local jobs in the construction, renovation and skilled trades sectors.
In addition to helping homeowners save money and reduce emissions, the program is intentionally designed with scalability in mind. By documenting lessons learned and sharing tools and templates with partners, Saint John Energy will be supporting other communities that may be looking to implement similar home retrofit programs in the future.
This project is funded through GMF's Community Efficiency Financing initiative, which leverages innovative financing models such as loan repayments on utility bills to transform how Canadians access and implement home energy upgrades that lower bills and improve home comfort. With over 40 programs already in action, which are enabling energy efficiency upgrades for thousands of Canadians, CEF proves that energy-efficient housing is within reach for all Canadians.
