Cutting pollution and making life more affordable: Government of Canada announces $48.7 million to switch to cleaner energy in Prince Edward Island

SAINT PETERS BAY, PE, June 27, 2023 /CNW/ - Canadians are calling for action to fight climate change in a way that will build a strong economy, keep life affordable, and ensure clean air for our communities.

Today, the Honourable Lawrence MacAulay, Minister of Veterans Affairs and Member of Parliament for Cardigan, Prince Edward Island, on behalf of the Honourable Steven Guilbeault, Minister of Environment and Climate Change, and the Honourable Steven Myers, Minister of Environment, Energy and Climate Action for Prince Edward Island, announced a federal investment of up to $48.7 million from Canada's Low Carbon Economy Fund to reduce energy costs and support climate action, building a strong economy in Prince Edward Island.

The funding will be divided into two parts: 

• Up to $16.8 million for provincial Home Heating Oil Transition programming to support low-income homeowners' transition from home heating oil to more affordable low-emitting heating technologies.
• Up to $31.9 million for provincial initiatives that support Canada's 2030 greenhouse gas emissions reduction target and align with Canada's goal of net-zero emissions by 2050.

The federal government is working closely with Prince Edward Island to finalize an agreement on the delivery of this funding.

This funding is in addition to other Government of Canada efficiency programs, including Natural Resources Canada's Oil to Heat Pump Affordability Program, in which eligible homeowners with low-to-moderate incomes can receive up to $10,000 in federal support when including funding available from the Canada Greener Homes Grant. These two programs have supported the installation of over 10,000 heat pumps in Atlantic Canada, with 470 installed in Prince Edward Island.

The Low Carbon Economy Fund has already supported projects in Prince Edward Island that include home energy assessments, energy-efficient equipment rebates for homes, weatherization of low-income homes, exploration of greenhouse gas emissions reductions opportunities with agriculture products, and expanding and managing forests for carbon sequestration.

"Islanders are very concerned with the cost of living right now. The Government of Canada is making it more attractive for folks to switch to more affordable and cleaner energy. Reducing heating bills by switching off oil not only cuts costs, it also cuts climate pollution. That's why we want everyone to take advantage of programs like the Greener Homes Grants or federal heat pump subsidies, such as the Home Heating Oil Transition Program. This is just one way the federal government is implementing smart climate policies that are creating clean air and a strong economy in Prince Edward Island." 
? The Honourable Lawrence MacAulay, Minister of Veterans Affairs and Member of Parliament for Cardigan, Prince Edward Island

"The Government of Canada is helping the people of Prince Edward Island save money on their utility bills while enhancing their home's energy efficiency. Today's investment builds on the progress of our Oil to Heat Pump Affordability Program and the Greener Homes Initiative, which have supported thousands of Canadian households to make the switch to an electric heat pump." 
? The Honourable Jonathan Wilkinson, Minister of Natural Resources

"Prince Edward Island is uniquely impacted by climate change, and we need to be aggressive in our goal to reach net zero by 2040. We have been successful in making life a bit more affordable for Islanders through more than 6,000 free heat pumps installed and over $30 million in energy efficiency rebates, but there's a lot more work to do. It's great to see continued support from the Government of Canada to keep growing these essential energy efficiency rebates and incentives."
? The Honourable Steven Myers, Minister of Environment, Energy and Climate Action for Prince Edward Island

• Canada launched the Emissions Reduction Plan in 2022, laying out steps to reduce greenhouse gas emissions by 40 percent below 2005 levels by 2030, and reach net-zero emissions by 2050. The plan provides renewed and enhanced Low Carbon Economy Fund funding, including a Leadership Fund that will continue to support climate action taken by provinces and territories, with a focus on deploying proven, low-carbon technologies.
• The Government of Canada has committed approximately $2 billion in additional funding to the enhanced Low Carbon Economy Fund, as previously announced in Budget 2022 and Canada's 2030 Emissions Reduction Plan.
• On average, homeowners who switch from oil to cold-climate heat pumps to heat their homes would save between $1,500 and $4,700 per year on home energy bills.
• The new Low Carbon Economy Fund funding will support climate action by Indigenous peoples with a new $180 million Indigenous Leadership Fund to invest in clean energy and energy-efficiency projects led by First Nations, Inuit, and Métis communities and organizations.
• In Atlantic Canada, the federal government's Greener Homes Grant and Oil to Heat Pump Affordability Program have supported the installation of 10,759 heat pumps, including 2,342 in Nova Scotia; 2,525 in Newfoundland and Labrador; 5,422 in New Brunswick; and 470 in Prince Edward Island.

• Low Carbon Economy Fund
  
• 2030 Emissions Reduction Plan?Canada's Next Steps for Clean Air and a Strong Economy
• Budget 2022?A Plan to Grow Our Economy and Make Life More Affordable
• Making Home Heating More Affordable for Atlantic Canada and Other Regions

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SOURCE Environment and Climate Change Canada