EDMONTON - Today, on Earth Day, Rachel Notley announced that the NDP will invest in a new green loan program to help families and businesses save energy and cut costs.
"Albertans are ready to be energy efficiency leaders," said Notley, "but the PCs have left families and businesses with high costs and big hurdles to going green. Under the NDP plan, we will help Albertans save energy by making green upgrades more affordable for their homes and businesses. By offering interest-free loans for green upgrades, the NDP plan provides real support for families and small businesses to save money on their energy bills. Our plan will also stimulate construction jobs."
The NDP will invest $5 million annually to partner with financial institutions and extend interest-free loans of up to $10,000 to Albertans. The green loans will be used to make energy efficient retrofits to homes and businesses, such as upgrading windows and doors or installing solar panels and new furnaces. Today, Alberta is the only Canadian province without an energy efficiency strategy.
"Jim Prentice is focused on protecting corporate tax giveaways, instead of making Alberta a true energy leader," said Notley. "The PCs have no plan to promote energy upgrades and no plan to help Albertans save money on their power and heating bills. Today, New Democrats are putting forward a smart, cost-effective plan to help reduce energy consumption. It's a plan that protects our environment, protects the pocketbooks of Albertans, and creates jobs."
GREEN RETROFITTING LOANS
Rachel Notley’s NDP will provide loans to help families and small businesses make green upgrades and cut costs.
- The NDP will establish a green retrofitting loan program to provide Alberta families and small businesses with interest-free loans to make energy efficient upgrades to their homes and shops.
- Alberta is the only province without an energy efficiency plan.
- Promoting energy efficiency is one of the first steps in any real carbon reduction strategy.
- Families and small businesses face significant hurdles in accessing sufficient upfront capital to finance energy efficient retrofits.
- These retrofit programs stimulate construction jobs. The NDP plan, with an investment of $125 million per year, would create 2750 jobs.
- Under the NDP plan, we will partner with financial institutions, including government-owned ATB Financial, to extend interest-free loans to Albertans. The government will cover the interest on the loan and provide the financial institution with an administrative fee in exchange for providing interest-free loans to Albertans as part of this green initiative.
- The loans can be used to upgrade windows and doors, install solar panels and furnaces, and upgrade insulation to help reduce energy consumption and costs.
- We will invest $5 million annually to ensure the loans are interest-free. By partnering with financial institutions to offer this program, we anticipate that the fully-implemented initiative will make up to $125 million per year available to Albertans through interest-free loans.
- Over the five-year plan, up to 61,000 Alberta families, small businesses, and farms will be able to access this program.
- Promoting energy efficient upgrades will also support job creation in the construction and green energy sectors.
- Alberta’s program will be modeled on the successful EfficiencyNS program.