COLD LAKE - The City of Cold Lake is moving forward with the first stages of approval for the Clean Energy Improvement Program, an initiative that allows residential property owners access to funding for efficiency upgrades and renewable energy installations.
During the Feb. 13 regular council meeting, Andrew Jabs, the Manager of Land Use Planning, Development, and Regulatory Services, shared details about the program.
“The Clean Energy Improvement Program is intended to allow residential property owners access to funding for efficiency upgrades and renewable energy installations in their home to be repaid through property taxes.”
The program marks a commitment to environmental responsibility and signals a shift towards greener, more sustainable energy practices.
Jabs revealed that approximately $1.2 million in funding has been allocated over the next four years for residents to access for various upgrades. Eligible improvements include doors, windows, insulation, air sealing, heating, lighting, renewable energy, and water heating. This comprehensive approach ensures that residents can make impactful changes to their homes.
"Limits on individual projects are a minimum of $3,000 and going up to a maximum of $50,000," said Jabs. This financial flexibility ensures that property owners have the means to undertake projects of varying scales, making the program accessible to a broad spectrum of residents.
To manage the budget effectively, Jabs noted, "In the event the loan cap is breached, new applications will be placed on a waitlist in the event additional funds come to help."
While additional funding is not guaranteed, there is potential for reallocation if applicants do not complete their requirements. This approach ensures that allocated funds are efficiently utilized, maximizing the program's impact.
Highlighting the collaborative nature of the initiative, Jabs explained, "We have entered into an agreement with other municipalities in order to host the program, which the grant funding helps pay for those administration costs from the Federation of Canadian Municipalities."
This partnership not only shares the burden of administrative costs but also allows the municipality to enter into agreements with specific landlords, broadening the reach and impact of the program.
Repayment for the Clean Energy Improvement Program is facilitated through property taxes. Additionally, Jabs noted, "The financing can transfer to a new owner if the property sells." This feature ensures that the benefits of energy-efficient upgrades are sustained beyond the initial property owner, encouraging a long-term commitment to sustainability.
Council will discuss the program further at an upcoming meeting.
