The 2023 Canadian Federal Budget introduces several clean energy initiatives to support the transition to a low-carbon economy. These include:
1. 30% refundable Clean Technology Investment Tax Credit for investments in wind, solar PV, and energy storage.
2. 15% refundable Clean Electricity Investment Tax Credit for non-taxable entities’ investments in renewable energy, energy storage, and inter-provincial transmission.
3. 30% refundable Clean Manufacturing Investment Tax Credit for machinery and equipment used in manufacturing clean technology and recycling critical minerals.
4. 40% refundable Clean Hydrogen Investment Tax Credit for green hydrogen.
5. Consultation on net-zero Transmission Project Support.
6. $20 billion support for clean electricity investments through the Canadian Infrastructure Bank, with $10 billion each in Clean Power and Green Infrastructure.
7. $3 billion recapitalization of the Smart Renewables and Electrification Pathways (SREPs) program.
8. Enhanced commitment to carbon-price stability through the Canada Growth Fund, managed by the Public Sector Pension Investment Board.
9. $3.9 billion investment over five years to support building retrofits, with $1.6 billion for low-income households.
10. $5 billion Clean Energy Fund to support research and development of clean energy technologies, including carbon capture and storage, hydrogen, and advanced nuclear.
11. $1.3 billion investment over five years to support electric vehicle charging stations and other zero-emission vehicle infrastructure.
12. $1.4 billion over five years for the Just Transition Fund to create new jobs in the clean energy sector and support workers in industries transitioning away from fossil fuels.
These initiatives show Canada’s commitment to tackling climate change and reaching its net-zero emissions target by 2050.
Contact us to learn more about our partnership and how we can help you save money while reducing your carbon footprint.
Contact Gary Gillis at www.beacontron.com sales@beacontron.com 289-635-3164 for more information and advice.
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