Peterborough – 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.
Steven Guilbeault, Minister of Environment and Climate Change, on behalf ofJonathan 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 supported municipalities 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.
“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.” – 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.” – Jonathan Wilkinson, Minister of Energy and Natural Resources